IE Business Daily Business news for the Inland Empire.
Riverside-based Security Bank of California has agreed to buy a branch of Rabobank N.A. in Murrieta.
Security Bank will acquire about $53 million in deposits, according to statement issued Wednesday by Security Bank.
The branch is located at 40723 Murrieta Hot Springs Road.
The purchase, which is expected to be completed by the end of this quarter and is subject to federal regulatory approval. No loans will be acquired, and Security Bank expects to retain all of the branch’s employees, according to the statement.
“We have been looking to enter the Temecula/Murrieta market in a meaningful way, and this branch acquisition is an efficient means to achieving our goal,” said James A. Robinson, chairman and chief executive officer of Security Bank, in the statement. “The dynamics of this market are similar to the areas where we have had our greatest success.”
Security Bank is a community bank that is traded on Over The Counter Bulletin Board. It has full-service offices in Riverside, San Bernardino, Redlands, Palm Desert and Orange, according to the statement.
