First Bank & Trust Also Thinking Big

Another banker with a penchant for picking up a string of California community banks is James Dierberg of St. Louis.

Unlike Keller, who is operating each of his banks as separate subsidiaries that continue to use their original names, Dierberg is folding his acquisitions into First Bank & Trust in Irvine. Dierberg, chairman of First Banks Inc., formed the new subsidiary last August with three Orange County financial institutions he bought. He since has acquired a Long Beach bank and soon will complete the purchase of a Santa Barbara savings and loan.

The organization will have $450 million in assets, and Dierberg wants more than $1 billion in assets before he slows down. He has said he is looking simply for good institutions in good lending markets.

He recently installed Donald Williams, one of his corporate executives, as First Bank & Trust’s chairman and named Fred D. Jensen as president. Jensen had been president of Queen City Bank, the Long Beach bank that was acquired.

Vicki Harris, a senior vice president at Irvine City Bank, a thrift Dierberg bought last year, was named vice president and area retail banking manager.

James S. Granelli covers financial institutions and fraud issues for The Times. He can be reached at (714) 966-5810 and at james.granelli@latimes.com.