O.C. BUSINESS PLUS : HEARD ON THE BEAT / FINANCIAL SERVICES : Two O.C. Banks Plan a Merger
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Security First Bank and Bank of Orange County, two small business banks in Orange County, are planning to merge into a single institution with $142 million in assets and five branches.
If approved by shareholders and regulators, Fullerton-based Security First would be merged into Fountain Valley’s Bank of Orange County. Financial terms were not disclosed. The banks hope to close the deal before the end of the year.
Harvey Ferguson, chief executive of Bank of Orange County, will serve as chairman of the merged company and retain his role as CEO. Security First President Robert Campbell Jr. will act as president and chief operating officer.
Currently, Bank of Orange County, with about $95 million in assets, has offices in Fountain Valley, Orange, Santa Fe Springs and Downey.
Security First, with about $47 million in assets, maintains one branch at its headquarters.
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