Firstfed Financial Corp. of Santa Monica, Calif., did not have to look far to find a bank to help build its fledgling commercial lending business.

The $3.8 billion-asset thrift company said this week that it would pay $47.5 million in cash for Professional Bancorp, a 17-year-old banking company that specializes in lending to doctors, dentists, and medical billing companies. Professional, the $250 million-asset parent of First Professional Bank, also is based in Santa Monica.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.