in Los Angeles has announced two deals that would boost its Southern California deposits by nearly $260 million.
In the larger deal, the $3.4 billion-asset company said it would buy Bank of Hollywood (Calif.) for about $28.6 million in cash. Shareholders at $138 million-asset Bank of Hollywood would receive $19 for each share owned.
PBOC, the parent of People's Bank of California, last week also said it would buy two branches from Los Angeles-based Bank Plus Corp. for an undisclosed sum. The branches, in North Hollywood and Long Beach, have $134 million of deposits.
PBOC operates 21 branches in Southern California. In the deal for Bank of Hollywood, expected to close in late 1999, the company would buy two branches that have about $124 million of deposits.
The acquisition of the Bank Plus branches is expected to close next month. Bank Plus, the $3.5 billion-asset parent of Fidelity Federal Bank with 38 branches in Southern California, is selling the branches to improve its capital levels.