First Community Bancorp today announced that it completed its previously announced acquisition of First Community Financial Corp., or FC Financial, a commercial finance company based in Phoenix, Arizona with approximately $80 million in assets as of December 31, 2003.
FC Financial is an asset-based lender and factoring company with 40 employees and lending production offices in Phoenix, Arizona, Los Angeles and Orange, California, and Houston and Dallas, Texas.
FC Financial will operate under its current name as an operating subsidiary of First National Bank, a wholly-owned subsidiary of First Community Bancorp, and maintain its focus on commercial finance lending and factoring.
FC Financial provides flexible lending programs to solve the working capital needs of growing companies. These programs include revolving lines of credit and term loans secured by accounts receivable, inventory and equipment as well as factoring.
