Premier Commercial Bancorp (OTCBB:PCBP) announced today the completion of the acquisition by PCBA Acquisition, LLC of Premier Commercial Bank Arizona, N.A., formerly a subsidiary of Premier Commercial Bancorp. The transaction became effective September 21, 2007. As a result, Premier Commercial Bank Arizona, N.A. is no longer affiliated with Premier Commercial Bancorp. Under the terms of the transaction PCBA Acquisition paid $11 million in cash for the 954,000 shares of common stock owned by Premier Commercial Bancorp of Premier Commercial Bank Arizona, N.A. The 954,000 shares owned by Premier Commercial Bancorp was approximately 87% of the outstanding shares of Premier Commercial Bank Arizona, N.A. As part of the transaction Premier Commercial Bank Arizona, N.A. has changed its name to Valley Capital Bank, N.A., a national bank, chartered by the office of the Comptroller of the Currency that operates one banking office in Mesa, Arizona serving small business and retail banking clients.
About Premier Commercial Bancorp
Premier Commercial Bancorp is a bank holding company registered with the Board of Governors of the Federal Reserve System. Its primary subsidiary is Premier Commercial Bank, N.A., a national bank based in Anaheim, California with approximately $ 340.6 million in assets, as of August 31, 2007. Premier Commercial Bank, N.A. offers a full range of commercial banking services primarily to the business and professional community and individuals located in its market area.
