FPTB First Pactrust Bancorp, Inc. (MM)

First PacTrust Bancorp, Inc. (the “Company”) (NASDAQ: FPTB), the holding company for Pacific Trust Bank (the “Bank”), announced today that the Bank executed a lease for a new branch location in Los Angeles County as part of its organic expansion of its retail banking platform. The new location, subject to regulatory approval, will add Santa Monica, California to the list of communities served by its retail banking offices. The Bank is also in negotiations for a lease for its planned Century City, California office. In addition, the Company announced that the Bank is exceeding expected deposit growth in its newly opened branch located in La Jolla, California, while also providing an update on the opening of a new office in San Marcos, California.

“Consistent with our stated goal of organic growth and franchise enhancement through the establishment of three to four new banking offices per year, we are delighted to report on Pacific Trust Bank’s entrance into Los Angeles County when the Bank opens its new branch office located at the corner of 20th and Santa Monica Boulevard in Santa Monica. The new branch, when opened in the fall of 2011, will follow the opening of our new office in La Jolla on March 14, 2011, and the expected opening of our San Marcos office in June 2011. The addition of these three offices will result in a 33% increase in the number of banking offices during 2011. The new offices will be staffed with established and well-respected community bankers, who are expected to generate meaningful growth in core deposits and fee income. We anticipate that these markets, like our recent experience in La Jolla, will provide above average growth as we continue to take advantage of opportunities resulting from the high degree of market fragmentation and low customer satisfaction levels caused by recent bank failures,” said Greg Mitchell, the Company’s President and CEO.

Pacific Trust Bank also reported favorable production results from its newly established branch located at 7877 Ivanhoe in La Jolla, California. Since opening on March 14, 2011, the branch has attracted more than $21 million in core banking relationships, exceeding early estimates for expected growth. The Bank also reported that it expects to open its eleventh office located at 1642 West San Marcos Boulevard by June 20, 2011. The Santa Monica location will represent the Bank’s 12th office and is expected to open in October 2011. “We are pleased with the progress that has been made on delivering on promises to our shareholders, customers and employees, as we build the 'Bank of Choice' in Southern California. We continue to believe in the viability of our strategy of building a strong franchise through the combination of organic growth and acquisitions, and remain quite pleased with our progress,” Mitchell noted.

First PacTrust Bancorp, Inc. is the parent holding company of Pacific Trust Bank, and is headquartered in Chula Vista, California. Pacific Trust Bank currently operates through ten banking offices serving primarily San Diego and Riverside Counties in California. Pacific Trust Bank provides customers with the convenience of banking at more than 4,300 branch locations throughout the United States as part of the CU Services Network and 28,000 fee-free ATM locations through the CO-OP ATM Network.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the "Safe-Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are necessarily subject to risk and uncertainty and actual results could differ materially from those anticipated due to various factors, including those set forth from time to time in the Company's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements and the Company undertakes no obligation to update any such statements to reflect circumstances or events that occur after the date on which the forward-looking statement is made.

First Pactrust Bancorp, Inc. (MM) (NASDAQ:FPTB)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

First Pactrust Bancorp, Inc. (MM) (NASDAQ:FPTB)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024