Southern California Bank Deal on Schedule

Southern California Bank, a subsidiary of SC Bancorp in Anaheim, has completed its purchase of nearly all remaining loans and deposits of Independence One Bank of California, a healthy Mission Viejo thrift.

Southern California Bank, already the largest independent bank based in Orange County with total assets of $480 million, will acquire Independence One’s $72-million commercial loan portfolio and $27 million in deposit accounts. The bank’s branch network will grow to 17 offices with the acquisition of Independence One branches in Laguna Hills and La Jolla.

Officials at Michigan National Corp., the parent company of Independence One, have said they are selling their out-of-state operations.

Southern California Bank officials said the purchase price probably would be disclosed in a few months, after regulators approve the deal. SC Bancorp officials said the acquisition will provide Southern California Bank with a high-quality loan portfolio and improve the institution’s loan-to-deposit ratio.