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Sunwest Bank Acquires Pacific Coast National Bank;
Marking Sunwest Bank's Third Acquisition This Year
Tustin, Calif., (November 13, 2009) – Sunwest Bank has acquired Pacific Coast National Bank of San Clemente, CA. This is the third bank acquisition by Sunwest Bank in 2009. “Sunwest Bank’s growth, both through acquisitions and organically, has been very dramatic,” notes Glenn Gray, President and Chief Executive Officer of Sunwest Bank.
The FDIC accepted receivership of Pacific Coast National Bank from the Office of the Comptroller of the Currency, which closed Pacific Coast National Bank on Friday, November 13th, 2009. The FDIC subsequently entered into an agreement with Sunwest Bank, under which Sunwest assumed substantially all of Pacific Coast National’s non-brokered deposits and loans.
The former Pacific Coast National Bank will reopen Monday, November 16th, 2009 as part of Sunwest Bank. Existing Pacific Coast National Bank customers will be able to conduct business as usual, as their money will be available through checks, ATM and debit cards. Loan customers should continue to make their payments to Pacific Coast National Bank as usual. Sunwest Bank representatives will be available at the former Pacific Coast National branches in both South Orange County and Northern San Diego County to answer questions from current and prospective customers.
"Sunwest Bank’s position as a strong, well-capitalized and highly liquid community bank has allowed us to make this third acquisition,” notes Gray. “We offer financial strength, yet don’t have the drawbacks of the big banks, which can be impersonal and judge loans on a numbers basis, instead of on an entrepreneurial basis as we do at Sunwest Bank. We look forward to serving all of our new customers’ banking needs going forward.”
Sunwest Bank previously acquired MetroPacific Bank of Irvine in June of 2009, and the six-branch First State Bank of Flagstaff, Arizona in September of 2009.
“With realistic lending parameters throughout a time when banks were making irrational loans, our stability gives us the opportunity to help the local businesses and entrepreneurs to grow and expand their businesses,” Gray notes. “We have protected our depositors’ money, made smart loans, and are now reaping the benefits of that more savvy business conduct.”
Sunwest Bank anticipates announcing its new total assets, including those acquired in this transaction, shortly after the closing of the fourth quarter.
“Pacific Coast National Bank’s former customers will be pleased to find that Sunwest Bank is a true community bank, providing personal service and experienced loan officers that listen and understand businesses, complimented by a practical approach to lending,” Gray said. “We have increased lending capacity and look forward to partnering with local businesses, as well as our newest customers in Southern Orange County and Northern San Diego County, to show them how community banking will help them achieve their goals.”
With nearly 40 years in business, Tustin, California-based Sunwest Bank is one of the strongest community banks in the Western Region. The bank specializes in meeting the needs of small and mid-size businesses, is an industry-recognized leader in homeowner association management banking, and has specialties in healthcare and security and defense-related businesses.
Additional information can be found at http://www.sunwestbank.com/.