Merger of equals produces L.A.'s newest big bank.(Up Front)

From: Los Angeles Business Journal | Date: March 19, 2007| Author: | Copyright information

First California Bank's parent last week completed an $88 million merger of equals with National Mercantile Bancorp, and the new holding company, First California Financial Group Inc., is one of the 20 largest Los Angeles-based bank companies, based on assets.

Shareholders of National Mercantile, which was based in Century City, got a 30 percent premium over their shares' price when the merger was announced last June. Shareholders in National Mercantile hold 50.5 percent stake in the new holding company. Shareholders of First California, based in Camarillo, got 49.5 percent.

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