BANKING / FINANCE
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Dana Niguel Bank, a small financial institution in Dana Point, has acquired the Laguna Hills office of Community Bank of Los Angeles.
The purchase price has yet to be determined because of conditions that take effect after federal regulators approve the transaction. But the price will probably be under $200,000, said Charles W. Goodson, Dana Niguel Bank’s senior vice president.
The branch acquisition--the first in the bank’s seven-year existence--will boost the size of Dana Niguel Bank to $62 million in assets. At the end of June, it had $52 million in assets.
The bank hopes to provide Small Business Administration loans to companies in the expanding Irvine Spectrum commercial and industrial center near Laguna Hills, Goodson said. The bank also hopes to build up its deposit base from the residential community as well as business, he said.
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