Tag: first mountain bank

PBB Bancorp and First Mountain Bank Merger Complete

  Big Bear, CA, February 8th, 2016 – PBB Bancorp the parent company of Premier Business Bank, announced today the successful merger with First Mountain Bank. With the close of the transaction, the Bank’s focus will be to continue serving individuals, businesses, and real estate investors with the best in local community banking.  They will be offering a comprehensive range of new and enhanced products and services, and look forward to serving First Mountain Bank customers with a devoted team who are committed to delivering the personalized service they have come to know. Their three offices and strong community foundation in Big Bear Valley, Running Springs, and...

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First Mountain Bank and PBB Bancorp/Premier Business Bank Announce Merger Negotiations

Big Bear Lake, CA, June 8, 2015 – First Mountain Bank and PBB Bancorp/Premier Business Bank announced today that they have entered into exclusive negotiations for the combination of the two banks.  The parties anticipate that a merger agreement will be signed and terms announced by mid-June 2015.  Vince Smith, Chairman of FMB, stated “We are pleased with the progress of the merger process and the opportunity to combine with Premier Business Bank.  We believe they share our long standing commitment to serve our customers and support our communities.  John Polen, President and Chief Executive Officer of PBB stated “Community banking is the core focus of Premier Business Bank.  I believe that completion of our merger will provide First Mountain Bank more services to offer to it’s customers, more support for it’s community and more opportunities for it’s employees.  Preserving First Mountain Bank’s local identity, local decision making and fine customer base is our number one priority”.  Premier Business Bank operates two banking offices in Los Angeles and Palos Verdes.  First Mountain operates three banking offices in Big Bear Lake, Running Springs and Lucerne Valley.  More information on FMB is available at...

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First Mountain/First National Deal Falls Through

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...

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First National Bank of Southern California and First Mountain Bank Announce Merger Agreement

San Diego and Big Bear Lake, California, May 5, 2014 – First National Bank of Southern California and First Mountain Bank announced today that they have entered into a definitive agreement pursuant to which First National Bank of Southern California will acquire First Mountain Bank for approximately $14.1 million in cash.  The purchase price is equivalent to $9.00 per share but is subject to downward adjustment in the event that First Mountain Bank’s total shareholder equity falls below $12.175 million at the time of the closing of the transaction.  The total assets of the combined banks on a pro forma basis at March 31, 2014 are approximately $300 million.  As part of the transaction Jack Briner, Chairman and CEO of First Mountain Bank, will become a director of First National Bank of Southern California and will continue in a consulting role to oversee the Big Bear Lake operations and continue to work with customers and the community.  The transaction was unanimously approved by the boards of directors of both banks. Completion of the transaction is subject to regulatory and shareholder approvals.  Following the successful completion of these steps, it is anticipated the transaction will close in the third quarter of 20 14.  First Mountain Bank will be merged with and into First National Bank of Southern California.  Also as part of the transaction First Mountain Bank’s Chief Credit Officer...

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Rotary Club July 4th Fireworks & Dinner

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