National Bank of California plans to sell its Westlake Village branch and about $16.2 million in deposits to California Republic Bank, the two firms said Oct. 24.
Under the deal, Newport Beach-based California Republic Bank will assume all of the deposits and some of the assets of the branch at 875 S. Westlake Boulevard. The price of the proposed sale was not disclosed.
Brentwood-based National Bank of California said in a statement that the sale of the branch, its only location in the Tri-Counties, would allow it to focus on its core markets in Los Angeles and Orange counties and the San Fernando Valley. “It was a difficult decision to proceed with the sale of the Westlake Village branch, as we have enjoyed wonderful relationships with our customers in the region,” National Bank’s president, Henry Homsher, said in a statement. “The transaction will allow us to redirect our full focus to our core geography in the Los Angeles and Orange County areas.”
The deal is expected to close at the end of the fourth quarter or early next year, and is subject to regulatory approval, the banks said.
“We are excited to serve the greater Ventura County area. We believe it is a natural complement to our other full service regional branches in Beverly Hills and Newport Beach,” John DeCero, president of California Republic Bank, said in a release.
California Republic said it’s the ninth largest bank based in Orange County, with assets of $362 million as of June. It has two regional offices in Newport Beach and Beverly Hills, as well as a loan production office based in Irvine, but currently no tri-county locations.