FIRST MOUNTAIN BANK
Remains
the Local's Bank
First Mountain Bank Announced
its Termination of Definitive Agreement with First National Bank of Southern
California
____
Thursday July 17, 2014, First Mountain Bank (OTCBB:FMBP) made the announcement of
the termination of the definitive agreement, that provided for the acquisition
of First Mountain Bank by First National Bank of Southern California. A condition of the transaction required First
National Bank of Southern California to obtain regulatory approval of the
agreement.
Unfortunately,
First National Bank of Southern California’s regulator, the Office of the
Comptroller of the Currency, would not approve the acquisition under the terms
and conditions of the agreement. Also, the modifications required by the Office
of the Comptroller of the Currency would not have provided the benefit to the
First Mountain Bank shareholders and community as negotiated in the definitive
agreement.
In
the early morning press release, Jack Briner, Chairman and CEO of First
Mountain Bank, stated, “While we regret that the regulators were unwilling to
approve this transaction as agreed to by the parties, First Mountain Bank is
moving on and looking forward to continuing its operations from its offices in
Big Bear Lake, Running Springs and Lucerne Valley. First Mountain Bank posted a
profitable first half of 2014 and is currently welcoming new customers and SBA
borrowers. As of June 30, 2014, the Bank had $134.8 million in assets, $88.5
million in loans, and $292 thousand in net income for the first six months of
2014.”
First
Mountain Bank will be issuing a full press release on the financial performance
numbers through June 30, 2014,within a few days.
First
Mountain Bank is headquartered in Big Bear Lake and has three offices serving
the Big Bear and high desert areas of Southern California.
For
further information contact Jack Briner, Chairman/CEO, or Dennis Saunders,
President/CFO, at 909-866-5861.