Premier Bank to Sell Branch

The holding company for Sherman Oaks-based Trans-World Bank has signed a preliminary agreement to buy the Thousand Oaks office of Premier Bank--a move that would give TransWorld its 10th branch while reducing Premier to two offices.

Officials of the banks, both of which concentrate on serving small and medium-sized businesses, declined to disclose the purchase price.

Simone Lagomarsino, Premier’s president, said her bank, which is headquartered in Northridge and also has a unit in Warner Center, is downsizing to reduce overhead and comply with regulatory requirements. “We’ve had some problem real-estate loans, but not necessarily in the Thousand Oaks office,” she said.

The deal, which is subject to regulatory and shareholder approval, calls for TransWorld’s holding company, TransWorld Bancorp, to acquire the liabilities and deposits of Premier’s Thousand Oaks office, and to take over some of the office’s loans and assets. The branch has about $12 million in assets, Lagomarsino said.

In a statement, David H. Hender, president of Transworld Bancorp, said his bank has long wanted to gain a foothold in the Conejo Valley. TransWorld now has eight offices in the San Fernando Valley and one in Santa Clarita.

TransWorld had assets of $251 million as of Sept 30. The firm’s profits in the third quarter rose 78% from a year earlier, to $447,000 from $251,000.

Lagomarsino, one of the few female chief executives of California banks, said Premier has assets of about $80 million. “We lost $1.3 million in the first half of this year and probably will also show a loss in the third quarter,” she said.

Lagomarsino, who heads a new management team at Premier, said she hopes to raise more than $2 million from a stock offering later this month.

All accounts in the Thousand Oaks unit will automatically be transferred to TransWorld if the acquisition is approved. Approval is expected within 90 days, bank officials said.