People’s Bank Parent to Buy Universal Branches

PBOC Holdings Inc. has agreed to acquire two branches of Universal Bank in the San Fernando Valley. The branches in Woodland Hills and Encino have a combined deposit base of approximately $54 million. Under the terms of the agreement, PBOC will pay a premium for branch deposits and assume certain loans.

PBOC Holdings Inc. is the holding company for the People’s Bank of California, a $3.5-billion institution headquartered in Los Angeles.