PALM DESERT, Calif., Nov. 27, 2013 /PRNewswire/ — FirstBank, a community bank with more than 115 locations in California, Colorado, and Arizona, today announced that the acquisition of El Paseo Bank’s ‘Market Place’ branch, located at 39580 Washington St. in Palm Desert, has officially closed. The acquisition includes approximately 4,000 sq. ft. of leased office space, the branch’s existing customer base and an estimated $60 million in deposits.

FirstBank will relocate its branch at the corner of Washington & Varner to the Market Place location. As both companies are privately held, FirstBank and El Paseo did not disclose financial details of the transaction.

“We remain committed to the Coachella Valley market with our two remaining branches in Palm Desert and Rancho Mirage,” said James Hicken, CEO of El Paseo Bank. “The sale of the branch represents an important initiative as we consolidate our platform to better serve our community. Customers of El Paseo Bank’s two branches will continue to receive our high touch service and we expect a seamless transition.”

El Paseo Bank was represented by investment banking firm Sandler O’Neill & Partners, L.P. and Holmes Paterno & Berliner as its legal counsel during the sale of the branch.

“This acquisition was the right move for FirstBank and our customers alike,” said Brian Holcombe, FirstBank’s California Market President. “The new location will be more convenient for customers who banked at our Washington & Varner location and we’ll aim to provide only the best service to our existing and former El Paseo account holders.”

The new FirstBank location will offer similar products and services as El Paseo, including a full range of free personal and business checking accounts and savings accounts. The branch will also offer mortgages, home equity loans and a full range of commercial loans and business accounts and services.

The new branch will be open from 9 a.m. to 5 p.m. Monday through Thursday, 9 a.m. to 6 p.m. on Fridays and 9 a.m. to 1:00 p.m. on Saturdays, with extended hours in the drive-up facility. FirstBank customers will also have the benefit of a 24-hour ATM, telephone banking and free internet banking with eStatements at www.efirstbank.com.

About FirstBank
FirstBank operates more than 115 locations in Colorado, Arizona and California. FirstBank is the largest locally owned banking organization in Colorado, serving more than 600,000 customers.
Since 2000, FirstBank has contributed more than $40 million and thousands of volunteer hours to charitable organizations.

FirstBank is unique in that a majority of its stock is owned by management and employees. For more information, go to www.efirstbank.com.

Member FDIC

SOURCE FirstBank