Premier Commercial Bancorp in Anaheim has announced a deal to sell its majority stake in Premier Commercial Bank Arizona to the Mesa bank’s management team.
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The $347.5 million-asset company said Friday that it had agreed to sell its 954,000 shares of the bank’s stock for $11 million in cash to PCBA Acquisition LLC.
PCBA is owned by Steven Ellsworth and Kevin Stevenson, executive officers of the $17.5 million-asset Arizona bank, which opened in November.
The deal is expected to close in the third quarter. The bank would cancel all outstanding options, except those held by Mr. Ellsworth and Mr. Stevenson.
Premier’s main subsidiary is the $330 million-asset Premier Commercial Bank in Anaheim.
