A proposed merger of Fresno’s Security First Bank and Los Angeles-based SunPac Financial continues to await approval from state and federal banking regulators after the deal was announced earlier this year.
The merger with Security First Bank represents the first effort by SunPac’s parent company, SunPac LLC, to gain an operating bank infrastructure to launch a new bank in the Los Angeles market and expand operations in Fresno. The two companies originally anticipated that the Federal Deposit Insurance Corp. and the California Department of Business Oversight would approve the merger by mid-2015. The agreement has been extended to Jan. 29.
Under the terms of the deal, shareholders of Security First Bank would have the right to receive a cash payout of $10.50 for each share of stock. While SunPac Financial is headquartered in Los Angeles, Security First’s office at Palm and Nees avenues in northwest Fresno would remain in business as usual, the companies reported.