Beverly Hills Bancorp Inc. Announces Termination of Merger Agreement with Orchard First Source Asset Management, LLC
April 15 2009 - 6:00PM
Business Wire
Beverly Hills Bancorp Inc. (Pink Sheets: BHBC) announced today
that its definitive agreement with Orchard First Source Asset
Management, LLC (�OFS�) has been terminated. The agreement
announced March 3, 2009, would have merged OFS�s wholly owned
subsidiary lender OFS Funding, LLC into First Bank of Beverly
Hills, a wholly owned subsidiary of Beverly Hills Bancorp Inc.
BHBC is continuing its attempts to find a merger or acquisition
partner and/or to raise additional capital. However, it is not
presently in active negotiations with any third party.
Beverly Hills Bancorp Inc. is a financial holding company that
conducts banking operations through its wholly owned subsidiary,
First Bank of Beverly Hills, with a branch office located in
Calabasas, California.
This release contains forward-looking statements. These
forward-looking statements are not historical facts but rather are
based on current expectations and projections about the Company and
management�s beliefs and assumptions. Words such as �may,� �will,�
�anticipates,� �expects,� �intends,� �plans,� �believes,� �seeks�
and �estimates� and variations of these words and similar
expressions are intended to identify forward-looking statements.
The Company�s actual results may differ materially from those
projected in these forward-looking statements as a result of a
number of factors. Readers of this release are cautioned not to
place undue reliance on these forward-looking statements.
Beverly Hills Bancorp (CE) (USOTC:BHBCQ)
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