CALABASAS, Calif., Dec. 3, 2014 (GLOBE NEWSWIRE) -- Horgan, Rosen, Beckham & Coren, L.L.P., served as legal counsel to CU Bancorp (Nasdaq:CUNB), the parent bank holding company of California United Bank, in connection with its recently announced acquisition of 1st Enterprise Bank (OTCQB:FENB) by merger in a deal valued at approximately $112 million. This transaction closed on November 30, 2014. As a result of this merger, California United Bank, the surviving commercial bank, increased its asset base by about $800 million to a total of approximately $2.3 billion.
The corporate and banking team of Horgan, Rosen, Beckham & Coren, L.L.P., led by partners, Arthur A. Coren, Khoi D. Dang and S. Alan Rosen, worked closely with CU Bancorp's general counsel, Anita Y. Wolman, to get this deal completed. Horgan, Rosen, Beckham & Coren, L.L.P. was actively involved in the drafting and negotiation of the definitive agreements for the merger, interfacing with bank regulators, preparing regulatory applications and notices, drafting proxy materials used to solicit shareholder approval, drafting and filing registration statements with the Securities and Exchange Commission to register the exchange of shares in the merger, and coordinating the successful closing of the transaction within the tight timelines required.
"This transaction is truly a marriage of two well respected and well run financial institutions and it is not only good for those companies and their shareholders, but also for the Southern California banking community as a whole," said Arthur Coren. "We were honored to be part of helping effectuate this significant business combination."
Horgan, Rosen, Beckham & Coren, L.L.P. specializes in the representation of community banks and their holding companies throughout the western United States and has been ranked by SNL Financial as the #1 law firm on the West Coast for Financial Institutions Mergers and Acquisitions two years in a row and in the top 10 in branch purchase and assumption transactions. Horgan, Rosen, Beckham & Coren, L.L.P., continues to be recognized by SNL Financial as among the top corporate and banking law firms on the West Coast.