First PacTrust Bancorp to Acquire The Private Bank of California for $50M

First PacTrust Bancorp

, the holding company for PacTrust Bank and Beach Business Bank, and The Private Bank of California

today jointly announced that they have entered into a definitive agreement pursuant to which The Private Bank of California will merge into Beach Business Bank, a wholly owned subsidiary of First PacTrust (the “Transaction”). Following the closing of the Transaction, Beach Business Bank will be renamed “The Private Bank of California.”