Beach Business Bank Plans Orange County Expansion

0

Beach Business Bank said that it has applied with regulators to open a branch in Costa Mesa, following its acquisition of a portfolio of performing loans from an out-of-state lender that is leaving the area.

The Manhattan Beach bank said it bought the performing loans, which expands its portfolio by 10 percent, from First Financial Bank of Hamilton, Ohio, at the end of last year. First Financial, which in September took over the assets of failed Irwin Union Bank of Columbus, Ind., recently announced that it was pulling out of the Western markets it had acquired.

Beach, which caters to small businesses, said it plans to hire as branch president Caroline Harkins, who has been First Financial’s market president in Orange County. The bank also expects to retain most of the employees there.

“We have been anxious to get a meaningful presence in Orange County,” said Chairman Jim Gray. “Our capital and liquidity have allowed us to move quickly as this opportunity arose. We are thrilled to be starting with this significant base of core client relationships.”

No posts to display