Isaac acquires stake in First PacTrust BankOctober 27, 2010
Isaac acquires stake in First PacTrust Bank
Press Release Source: Isaac Organization on Wednesday, October 27, 8:30 am EDT
San Diego, Calif.-- Isaac Capital Group (the "Company"), a subsidiary of Isaac Organization, announced today that it has acquired a stake in First PacTrust Bancorp, Inc. First PacTrust is traded on the NASDAQ Global Market under the symbol "FPTB". As the largest federally chartered community bank in San Diego (nearly $900 million in assets), First PacTrust is uniquely situated to take advantage of the distress in the banking market. The Bank was founded in 1941 and has deep roots in the community with over 18,000 depository relationships. Given the distress in the Southern California banking market, including the failure of three of San Diego's largest community banks (La Jolla Bank, San Diego National Bank and Imperial Capital), First PacTrust is well positioned to grow its market footprint and generate strong cash‐flows.