Monarch, Laguna Banks Won’t Merge
Nearly a year after agreeing to a merger, Monarch Bank and Laguna Bank have called the merger off.
Executives at the two Orange County banks could not be reached for comment Monday. A press release said the transaction “would not now be in the best interest of either party.”
Laguna Bank in Laguna Beach lost $166,000 in the first quarter. It lost $452,000 last year.
Monarch Bank in Laguna Niguel earned only $20,000 for the first quarter. Second-quarter results were not available.
The long-negotiated stock swap would have given Monarch Bancorp, the holding company for Monarch Bank, more than $72 million in assets and three South County branches. Shareholders in Laguna Bank would have acquired 22% of Monarch Bancorp.
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