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LV bank operator expanding in California

Wednesday, April 28, 2004 | 10:47 a.m.

HONOLULU -- BancWest Corp., a BNP Paribas SA unit with 352 branches in the western United States and Hawaii, agreed Tuesday to buy closely held USDB Bancorp for $245 million in cash to expand in California's Central Valley.

USDB Bancorp, founded in 1897, operates 19 Union Safe Deposit Bank branches in San Joaquin and Stanislaus Counties and had $1.2 billion in assets as of Dec. 31, Honolulu-based BancWest said in a statement. The transaction is expected to close in the third quarter.

"The two counties have a population of about 1 million people, which is expected to grow by 11 percent over the next five years," BancWest Chief Financial Officer Doug Grigsby said. "That compares to about 4 percent to 5 percent for California as a whole."

BancWest has seven Bank of the West branches in the Las Vegas area.

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