Stinson Leonard Street Represents Independence Bank in Acquisition of Premier Service Bank
Stinson Leonard Street represented Independence Bank, Newport Beach, Calif., in connection with its acquisition of Premier Service Bank, Riverside, Calif. The transaction closed on Jan. 31, 2014.
As a result of the acquisition, Independence Bank has pro forma assets of $449.3 million, deposits of $342.5 million and gross loans of $302.2 million. Independence Bank lso expands its banking locations into Riverside County, Calif.
Under the terms of the definitive agreement, Independence Bank issued approximately 428,000 shares of its common stock and paid $4.8 million in cash for all outstanding shares of Premier Service Bank common stock. Additionally, approximately $4.2 million was paid to the United States Department of the Treasury to retire all outstanding shares of preferred stock previously issued by Premier Service Bank to the U.S. Treasury in connection with the Troubled Asset Relief Program’s Capital Purchase Program.
Independence Bank is a community-based institution that specializes in providing customized, personal financial solutions for individual and business customers. Headquartered in Newport Beach, Calif., the bank operates six banking locations in Newport Beach, San Juan Capistrano, Fountain Valley, Tustin, Riverside and Corona. Independence Bank also offers a robust and comprehensive online banking suite for both personal and business solutions.
About Stinson Leonard Street
Stinson Leonard Street LLP provides sophisticated transactional and litigation legal services to clients ranging from individuals and privately held enterprises to national and international public companies. As one of the 75 largest firms in the U.S., Stinson Leonard Street has more than 520 attorneys and offices in 14 cities, including Minneapolis, Mankato and St. Cloud, Minn.; Kansas City, St. Louis and Jefferson City, Mo.; Phoenix, Ariz.; Denver, Colo.; Washington, D.C.; Decatur, Ill.; Wichita and Overland Park, Kan.; Omaha, Neb.; and Bismarck, N.D.