Plaza Bank Acquires Assets and Deposits of 1st Commerce Bank From the FDIC

Marketwired

IRVINE, CA--(Marketwired - Jun 6, 2013) - Plaza Bank (OTCBB: PLZB) purchased certain assets and assumed certain liabilities of North Las Vegas, Nevada-based 1st Commerce Bank in a purchase and assumption agreement, including loss share arrangement, with the Federal Deposit Insurance Corporation today. 

Depositors of 1st Commerce Bank will automatically become depositors of Plaza Bank. Customers may visit Plaza Bank's branch located at 8275 W. Flamingo Drive, Las Vegas, NV, 89147. Deposits will continue to be insured by the FDIC. Current 1st Commerce Bank customers can continue to access their money by writing checks or using their current ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2013, Plaza Bank had $438.0 million in assets, $340.7 million in deposits, and $347.8 million in loans net of allowance. Plaza Bank expects the acquisition to be immediately accretive to operating earnings per share. The transaction will increase Plaza Bank's assets to approximately $452.0 million and deposits to approximately $361.8 million.

"The Plaza Bank Board and senior management believe this is another positive step in growing our presence in the Southern Nevada market and strengthens our bond between both Orange County and Las Vegas offices," said Gene Galloway, President & CEO of Plaza Bank. 

Plaza Bank is working closely with former 1st Commerce Bank employees to ensure that customers will be able to conduct banking activities as usual. Any change notices from Plaza Bank will be posted online at www.plazabank.net and within all branch locations. Plaza Bank representatives will be onsite at the 1st Commerce Bank location throughout this transition to assist with any customer questions and to begin integration of the operations.

Customers who have questions about today's transaction can visit Plaza Bank's website at www.plazabank.net or call our Las Vegas branch at (702) 853-4700 or the Irvine branch at (949) 502-4300. 

About Plaza Bank
Plaza Bank is full service community bank serving the business and professional communities in Southern California and Southern Nevada. The Bank is committed to meeting the financial needs of small to middle market businesses and professional firms with loans for working capital, equipment and owner-occupied commercial real estate financing and a full array of cash management services. Our bankers are experienced, professional and knowledgeable. For more information, visit www.plazabank.net or call either Gene Galloway, President and CEO, at (702) 277-2221 or Erich Bollinger, Executive Vice President and Chief Banking Officer, at (949) 225-3704.

Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Bank's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Bank conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Bank's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.

Contact:
Media
Gene Galloway
President and Chief Executive Officer
(702) 277-2221
Email Contact

Erich Bollinger
Executive Vice President and Chief Banking Officer
(949) 225-3704
Email Contact
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