Premier Commercial Bancorp in Anaheim, Calif., plans to open a second bank subsidiary, in Arizona.
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The $278 million-asset holding company said Tuesday that it had filed an application with the Office of the Comptroller of the Currency to establish Premier Commercial Bank, Arizona, in Mesa. It said that it would look to raise $16 million of capital, $10 million of which it would use to fund the new bank.
Premier's main subsidiary, Premier Commercial Bank, was founded in Anaheim in late 2001. Like the flagship bank, the Arizona bank would lend primarily to small and midsize businesses in the construction and hospitality industries. Premier reported that its profit rose 65% in 2005, to $1.9 million.
