Santa Barbara Bank & Trust, a wholly owned subsidiary of Santa Barbara Bancorp, has signed an agreement to purchase the commercial leasing assets of California Thrift & Loan.
The agreement calls for Santa Barbara Bank & Trust to pay cash for the leases. The transaction is valued at approximately $61.5 million.
"The purchase of these leasing assets will bring an immediate positive impact to the bank's net interest margin," said William S. Thomas Jr., Santa Barbara Bank & Trust president.
Santa Barbara Bank & Trust currently has 15 offices, including three in Ventura County. As of Sept. 30, its holding company, Santa Barbara Bancorp, had total assets of $1.18 billion and net income of $11.35 million for the first nine months of 1996.