June 21, 2011
Authored by: Barry Hester and Bryan Cave Leighton Paisner
First California Financial Group, Inc., Westlake Village, CA, holding company for the $1.8 billion First California Bank, announced last night that it has been approved to receive SBLF funding, “subject to the Treasury’s customary due diligence and closing conditions.” According to the company’s press release, it expects to close within the next 30 days and will use the funds to refinance $25 million in CPP investment. While no funds have been disbursed, we are aware of several similar preliminary approvals that have been issued within the last week. The Treasury has stated that it will publish an online list of participating institutions on a rolling basis as funds are disbursed.