People’s Bank Parent to Buy Universal Branches
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PBOC Holdings Inc. has agreed to acquire two branches of Universal Bank in the San Fernando Valley. The branches in Woodland Hills and Encino have a combined deposit base of approximately $54 million. Under the terms of the agreement, PBOC will pay a premium for branch deposits and assume certain loans.
PBOC Holdings Inc. is the holding company for the People’s Bank of California, a $3.5-billion institution headquartered in Los Angeles.
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