PBB Bancorp to Buy First Mountain Bank in California

PBB Bancorp in Los Angeles has agreed to buy First Mountain Bank in Big Bear Lake, Calif.

The $239 million-asset PBB said in a press release late Monday that it will pay about $13.4 million in cash and stock for the $146 million-asset First Mountain.

PBB Bancorp was advised by MJ Capital Partners and King, Holmes, Paterno & Berliner. First Mountain was advised by Findley Group and Gary Steven Findley & Associates, while Vining Sparks provided a fairness opinion.

The companies disclosed earlier this month that they were close to announcing a merger.

First Mountain agreed last year to sell itself to First National Bank of Southern California in Riverside, but the deal was terminated in July after the Office of the Comptroller of the Currency said it would not approve the deal under the terms and conditions of the merger agreement. The companies said at that time that modifications required by the OCC would not have provided the proper amount of benefit to First Mountain's shareholders.