Less than six months after closing its first-ever bank acquisition, First General Bank in Rowland Heights, Calif., has struck a deal to buy another small bank.
The $340 million-asset bank said late last week that it is buying Golden Security Bank in Rosemead, Calif., for $4.4 million in cash.
Golden Security, with $140 million of assets, is an industrial bank that had been hit hard by losses on real estate loans. It lost more than $3 million in 2010, though it appeared to rebound in the first quarter, reporting a profit of $555,000, according to Federal Deposit Insurance Corp. data.
The deal would give First General roughly $480 million of assets and six branches in Southern California. It would be the second acquisition for the six-year-old First General since January, when it bought the $111 million-asset American Premier Bank in Arcadia, Calif.