FBOP ends deal to acquire PFF Bancorp following closure of bank subsidiary

By Lisa Kerner

Charlotte, N.C., Nov. 24 - FBOP Corp. and California Madison Holdings, Inc. terminated their June 13 agreement to acquire PFF Bancorp, Inc. for $1.35 per share in cash, it was reported in a form 8-K filed with the Securities and Exchange Commission.

On Friday, PFF Bancorp subsidiary PFF Bank & Trust was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corp. was appointed receiver of the bank, the filing said.

U.S. Bank, NA acquired all of the assets and most of the liabilities of PFF Bank from the FDIC as receiver. In addition, all deposit accounts and all loans of the bank were transferred to U.S. Bank.

According to the filing, PFF Bank branches have reopened as branches of U.S. Bank and depositors have become depositors of U.S. Bank.

PFF Bancorp shareholders approved the acquisition by FBOP in September. The transaction had been expected to close in the fourth quarter.

Los Angeles-based PFF Bancorp is the holding company of the PFF Bank & Trust, Glencrest Investment Advisors and Diversified Builder Services.

FBOP is a privately held, multi-bank holding company operating community banks in California, Arizona, Texas and Illinois. It is the parent company of California National Bank in Los Angeles.

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