Magazine article American Banker

FBOP Has First Calif. Deal since '01

Magazine article American Banker

FBOP Has First Calif. Deal since '01

Article excerpt

After a 14-month hiatus, FBOP Corp. of Oak Park, Ill., is buying again, this time in San Francisco.

Its acquisition of the $784 million-asset California Savings Bank would take FBOP into San Francisco for the first time and would be its sixth purchase in California. The others were in the Los Angeles and San Diego markets.

According to Sheshunoff Information Services, FBOP has bought 13 banks and thrifts since 1995, growing to $11.6 billion of assets with little fanfare. The privately held company maintains a low profile, generally keeping its public communications to quarterly earnings results.

The $170 million cash deal for California Savings was inked March 8 and is to close in the second quarter. FBOP's last acquisition in California was in December 2001, when it paid $146.4 million for the $2.1 billion-asset Bank Plus Corp. of Los Angeles. Its most recent acquisition anywhere closed in January 2003, a small deal for the $209 million-asset P.N.B. Financial Corp. of Chicago.

FBOP spokesman Daniel J. Mandarino said the company was evaluating targets in California and elsewhere while on the sidelines. "If the right opportunity presented itself, we would have acted on it," he said. FBOP liked the San Francisco bank, he said, because it would provide $800 million of new assets and 18 new branches in the Bay area.

Mr. Mandarino said FBOP will continue to explore growth opportunities in all its markets, though he would not say where it might buy next. …

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