Bank of Encino to Be Acquired by Western
The Bank of Encino, a single-branch bank founded in Encino eight years ago, said it has agreed to be acquired by Los Angeles-based Western Bank.
Western will pay about $8 million in cash, or about $12 per share, for all outstanding shares of Bank of Encino’s common stock, said Carl O. Schatz, chief executive of Bank of Encino.
Subject to regulatory approval, the sale is expected to close in the second quarter of this year, said Schatz, who added that he and all 23 of Bank of Encino’s employees will continue to work at the bank after it becomes a branch of Western Bank.
As of Dec. 31, the Bank of Encino had about $70 million in assets, and Western had $322 million in assets. The acquisition gives Western five banking offices in the Los Angeles area.
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