Security California Bancorp in Riverside, Calif., has agreed to buy a branch from Rabobank.
The $618 million-asset Security California said in a press release Wednesday that it will buy a branch in Murrieta, Calif., along with $53 million in deposits, from the $15 billion-asset Rabobank. Security California did not provide a price for the acquisition, which is expected to close in the second quarter.
"We have been looking to enter the Temecula/Murrieta market in a meaningful way, and this branch acquisition is an efficient means to achieving our goal," James Robinson, Security California's chairman and chief executive, said in the release.
"The dynamics of this market are similar to the areas where we have had our greatest success, and we believe our highly personalized, high touch approach to commercial banking will be well received by small- and middle-market businesses in this market," Robinson added.