Big Bear Lake, CA, July 17, 2014 — First Mountain Bank announced today the termination of the definitive agreement with First National Bank of Southern California that provided for the acquisition of First Mountain Bank by First National Bank of Southern California. A condition of the transaction required First National Bank to obtain regulatory approval of the agreement. Unfortunately, First National Bank’s regulator, the Office of the Comptroller of the Currency, would not approve the acquisition under the terms and conditions of the agreement. Also, the modifications required by the Office of the Comptroller of the Currency would not have provided the benefit to the First Mountain Bank shareholders and community as negotiated in the definitive agreement.
Jack Briner, Chairman and CEO of First Mountain Bank, stated, “While we regret that the regulators were unwilling to approve this transaction as agreed to by the parties, First Mountain Bank is moving on and looking forward to continuing its operations from its offices in Big Bear Lake, Running Springs and Lucerne Valley. First Mountain Bank posted a profitable first half of 2014 and is currently welcoming new customers and SBA borrowers. As of June 30, 2014, the Bank had $134.8 million in assets, $88.5 million in loans, and $292 thousand in net income for the first six months of 2014.”
First Mountain Bank is expected within a few days to issue a full press release on its financial performance through June 30, 2014.
First Mountain Bank is headquartered in Big Bear Lake and has three offices serving the Big Bear and high desert areas of Southern California. For further information contact Jack Briner, Chairman/CEO, or Dennis Saunders, President/CFO, at (909) 866-5861.