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Publish Date : 01-Dec-2012

National Bank of California, the wholly owned subsidiary of NCAL Bancorp and Manufacturers Bank, a wholly-owned subsidiary of Sumitomo Mitsui Banking Corporation jointly announced today that they have entered into a purchase and assumption agreement to transfer the deposits and branch facility of NCAL’s full service branch office in Glendale, California to Manufacturers Bank. Under the terms of the agreement, Manufacturers Bank will assume substantially all of the deposits and purchase certain assets associated with the Glendale Regional Office. The loans of the branch office are not included in the transaction. As of October 31, 2012 deposits at this branch totaled approximately $12.2 million.

According to Henry Homsher, President of NCAL, “It was a difficult decision to proceed with the sale of the deposits of the Glendale Regional Office, as we have enjoyed wonderful relationships with our customers in the region. The transaction will allow us to redirect our full focus to our core geography in the Los Angeles and Orange County areas. We are confident we have found an institution that mirrors our customer service philosophy and are excited to introduce our depositors to Manufacturers Bank.”

Naresh Sheth, President and Chief Operating Officer of Manufacturers Bank, stated, “We are very pleased to announce our entry into the Glendale market, and we look forward to welcoming the employees and depositors of the Glendale Regional Office to the Manufacturers family. At Manufacturers Bank, our mission is to be ‘the bank of choice’ for middle market companies, a principle we take to heart and continue to deliver upon today. We are excited to serve the greater Glendale area, as we believe it is a natural complement to our other full service regional branches throughout California.”

The transaction is expected to be completed in late Q4 2012 or early Q1 2013 subject to regulatory approval and other customary closing conditions.

D.A. Davidson & Co. served as financial advisor and King, Holmes, Paterno & Berliner, LLP served as legal advisor for NCAL Bancorp. Horgan, Rosen, Beckham & Coren, LLP served as legal advisor for Manufacturers Bank.

About National Bank of California - National Bank of California is a full-service commercial bank that began operations in 1982 and had over $356 million in assets as of September 30, 2012. The Bank offers customized services to small and mid-sized businesses as well as individuals through strategically located regional offices in Los Angeles, the San Fernando Valley, and Orange County.

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