Friendly Hills Bank Completes Branch Acquisition

9/27, 3:00 PM (Source: GlobeNewswire)

WHITTIER, Calif., Sept. 27, 2021 (GLOBE NEWSWIRE) -- Friendly Hills Bancorp (OTCBB: FHLB), the holding company for Friendly Hills Bank, announced today the closing of its acquisition of three branch offices of Bank of Southern California, effective September 24, 2021. In connection with the branch acquisitions, Friendly Hills Bank assumed approximately $81.2 million in deposits and will operate from new locations in Orange, California and Redlands, California. Bank of Southern California’s Santa Fe Springs branch operation has been consolidated with the nearby Friendly Hills Bank’s Santa Fe Springs branch location. The net purchase price for the acquisition, including the cost of personal property and other fixed assets, was approximately $1.3 million.

“We are delighted to welcome these new clients and employees to Friendly Hills Bank,” commented Jeffrey K. Ball, Chief Executive Officer. “Our community bank model, which focuses on quality service and relationship style banking, is a great fit for these offices and the communities that they are proud to serve. We look forward to the growth opportunities in these markets with our ability to provide quality banking and payroll processing services.”

ABOUT FRIENDLY HILLS BANK
Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The Bank was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The Bank is headquartered in Whittier, California with additional branch offices in Orange, Redlands and Santa Fe Springs, California. For more information on the Bank, please visit www.friendlyhillsbank.com or call 562-947-1920.

FORWARD-LOOKING STATEMENTS
This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, and Friendly Hills Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may” and similar expressions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: Friendly Hills Bank’s ability to (i) successfully realize the anticipated benefits of the branch acquisition, including customer acquisition and retention, (ii) execute on its business plans and (iii) achieve its business objectives, including managing costs associated with the branch acquisition; changes in general economic and financial market conditions, either nationally or locally, in areas in which Friendly Hills Bank conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; effect of governmental supervision and regulation, including any regulatory or other enforcement actions; legislation or regulatory changes which adversely affect Friendly Hills Bank’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. Friendly Hills Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances except as required by law.

Contacts:
Jeffrey K. Ball (President & CEO)
Viktor Uehlinger (EVP & CFO)
(562) 947-1920


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