First Choice Bancorp
First Choice Bancorp is the holding company for First Choice Bank, a community bank founded in 2005 in Cerritos, California, serving small- to medium-sized businesses, private banking clients, and consumers through eight branches and two loan production offices across Southern California's Los Angeles, Orange, and San Diego Counties, with $2.5 billion in total consolidated assets.
- Company typePublic
- Founded2005
- HeadquartersCerritos, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What First Choice Bancorp does
First Choice Bancorp is the registered bank holding company for First Choice Bank, a community-based financial institution founded in 2005 and headquartered in Cerritos, California. The company serves primarily commercial and consumer clients across Southern California through eight full-service branches and two loan production offices located in Los Angeles, Orange, and San Diego Counties. As of March 31, 2021, First Choice Bancorp reported total consolidated assets of $2.50 billion, total loans held for investment of $2.03 billion, and total deposits of $1.90 billion. First Choice Bank specializes in loans to small- to medium-sized businesses, private banking services for high-net-worth individuals, commercial and industrial loans, commercial real estate loans, construction and land development financing, and SBA lending as a Preferred SBA Lender. The bank also originated over $150 million in PPP loans under the federal COVID-19 relief program.
The bank's revenue model is driven primarily by net interest income — the spread between interest earned on loans (commercial real estate, C&I, SBA, construction) and interest paid on deposits — with a net interest margin of 4.20% in Q1 2021. Supplementary noninterest income (approximately $2.3 million in Q1 2021) is generated from deposit account service charges, gain on sale of SBA loans, and net servicing fees. Distribution occurs exclusively through the branch and loan production office network with relationship banking as the go-to-market approach. Approximately 74% of the workforce identifies as ethnic minorities and more than 66% as female, supporting the bank's positioning in diverse Southern California communities.
The company was originally founded as First Choice Bank, reorganized into a holding company structure in December 2017, and uplisted to Nasdaq Capital Markets under the ticker FCBP in April 2018. In April 2021, First Choice Bancorp announced it would be acquired by Enterprise Financial Services Corp (NASDAQ: EFSC) in an all-stock merger valued at approximately $397.7 million ($33.40 per FCBP share), with the combined company expected to operate with approximately $12.7 billion in consolidated total assets upon closing in Q3 2021.
First Choice Bancorp firmographics
Firmographics- Name
- First Choice Bancorp
- Legal name
- First Choice Bancorp
- Website
- https://investors.firstchoicebankca.com
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- First Choice Bancorp is the holding company for First Choice Bank, a community bank founded in 2005 in Cerritos, California, serving small- to medium-sized businesses, private banking clients, and consumers through eight branches and two loan production offices across Southern California's Los Angeles, Orange, and San Diego Counties, with $2.5 billion in total consolidated assets.
- Ownership category
- akta.pro rank
First Choice Bancorp industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (52211), Offices of Bank Holding Companies (551111)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- General SME & Middle-Market Commercial Banking (FSABABAA)
- akta.pro secondary industry
- SBA/Government-Backed & Development Finance Loans (FSAKAGAI)
Keywords
Where First Choice Bancorp is headquartered
LocationHeadquarters
- HQ city
- Cerritos
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
First Choice Bancorp business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Others
Revenue model
- Net Interest Income: Primary revenue driver from interest earned on loan portfolio (commercial real estate, commercial and industrial, SBA loans, construction) minus interest paid on deposits. Net interest margin was 4.20% in Q1 2021.
- Noninterest Income: Fees from deposit account service charges, gain on sale of SBA loans, net servicing fees, and other income sources. Total noninterest income was $2.3 million in Q1 2021.
- Paycheck Protection Program (PPP) Loans: Originated over $150 million in new PPP loans under the expanded program, generating fee income through SBA guarantee.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
First Choice Bancorp product offering
Product offeringCore offering
First Choice Bancorp operates as the bank holding company for First Choice Bank, a community-based financial institution serving commercial and consumer clients in Southern California. The bank specializes in loans to small- to medium-sized businesses, private banking, commercial and industrial loans, commercial real estate loans, SBA lending (as a Preferred SBA Lender), construction and land development loans, PPP loans, and consumer banking services. Banking services are delivered through 8 full-service branches and 2 loan production offices in Los Angeles, Orange, and San Diego Counties.
Product overview
First Choice Bancorp operates as a single unified community banking platform through its wholly-owned subsidiary First Choice Bank. The company offers a comprehensive suite of commercial and consumer banking products including small- to medium-sized business loans, commercial and industrial loans, commercial real estate loans, SBA lending services (as a Preferred SBA Lender), private banking, and consumer banking. The bank also participated heavily in the Paycheck Protection Program (PPP), originating over $150 million in new PPP loans. Services are delivered through eight full-service branches and two loan production offices across Los Angeles, Orange, and San Diego Counties in California. The company was acquired by Enterprise Financial Services Corp in 2021.
Differentiator
Problem solved
Functional benefit
Products and services
- Small- to Medium-Sized Business Loans Commercial loans tailored for small- and medium-sized businesses, including working capital, equipment financing, and growth capital.
- Commercial and Industrial Loans Short- and medium-term financing for commercial operations, including equipment purchases, inventory financing, and operational expenses.
- Commercial Real Estate Loans Financing for commercial property acquisition, development, and refinancing, including multi-family, retail, office, and industrial properties.
- SBA Lending Services
- Private Banking Services
- Paycheck Protection Program (PPP) Loans Federal SBA program loans supporting businesses during COVID-19. First Choice originated over $150 million in new PPP loans under the expanded program and had $442.7 million in outstanding PPP loans (net of deferred fees) as of March 31, 2021.
- Consumer Banking Services Personal banking products including deposit accounts, consumer loans, and personal banking services for community members.
- Construction and Land Development Loans Financing for construction projects and land development, including residential and commercial construction loans.
Quantifiable outcome
- Net income of $9.8 million in Q1 2021, up 118% from Q1 2020 ($4.5 million)
- +2 more outcomes
Companies that use First Choice Bancorp
Customer profileNamed customers3 records
Segments3 records
Ideal customer profiles3 records
First Choice Bancorp technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
First Choice Bancorp partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor.
- Duane Morris LLPminorServed as legal counsel to First Choice Bancorp in connection with the acquisition by Enterprise Financial Services Corp.
- Holland & Knight LLPminorServed as legal counsel to Enterprise Financial Services Corp in connection with the acquisition of First Choice Bancorp.
Scale indicators11 records
Recent moves11 records
Expansion highlights4 records
First Choice Bancorp competitors and assessment
Company assessmentDirect peers
- Pacific Premier Bancorp: California-based commercial bank focused on SMEs with C&I, CRE, and warehouse lending; comparable in product mix, growth orientation, and West Coast community-banking positioning.
- CVB Financial (Citizens Business Bank): Ontario, California-headquartered community commercial bank with a focus on businesses, professionals, and commercial real estate in California. Directly comparable in size, California focus, and SME/ CRE product mix.
- First Foundation Inc. California-based community bank and wealth manager providing commercial banking, private banking, and SBA lending to SMEs and high-net-worth individuals. Directly comparable product overlap and California footprint.
- Community West Bancshares: California-based community bank holding company focused on business banking, SBA lending, and CRE financing. Comparable in size, SBA franchise emphasis, and California community-banking focus.
- Heritage Commerce Corp: San Jose-based bank holding company for Heritage Bank of Commerce, a California community bank focused on business banking, C&I, and CRE lending to SMEs. Comparable in size, product mix, and California regional banking model.
- East West Bank: California-headquartered commercial bank specializing in commercial, C&I, and CRE lending with a strong focus on Asian-American and diverse business communities across Southern California. Directly comparable to First Choice in target customer base, geography, and SME focus.
- Cathay Bank: California-based community-focused commercial bank serving primarily Asian-American and diverse communities with C&I, CRE, and SBA lending. Highly comparable to First Choice in niche focus, product mix, and Southern California footprint.
- Bank of Hope: Headquartered in Los Angeles, Bank of Hope is a community bank serving Korean-American and other diverse business communities with C&I, CRE, and SBA lending. Closely comparable to First Choice in product suite, customer niche, and California geography.
Emerging players
- Enterprise Financial Services Corp: The announced acquirer of First Choice Bancorp; a Missouri-based bank holding company expanding into California through the transaction. Comparable in commercial banking and CRE/SME focus, and provides a direct read on the deal economics underpinning First Choice's value.
Regional players
- Luther Burbank Savings: California-based savings institution focused on multifamily and commercial real estate lending, with overlap in CRE and California community-banking. Slightly different charter (savings) but comparable in size and West Coast SME/CRE focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
First Choice Bancorp social profiles
Digital presenceFirst Choice Bancorp financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Choice Bancorp leadership team
Management profileNumber of profiles
Profiles8 records
First Choice Bancorp subsidiaries and ownership
Company hierarchySubsidiaries1 record
First Choice Bancorp funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Choice Bancorp M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Choice Bancorp
What does First Choice Bancorp do?
First Choice Bancorp operates as the bank holding company for First Choice Bank, a community-based financial institution serving commercial and consumer clients in Southern California. The bank specializes in loans to small- to medium-sized businesses, private banking, commercial and industrial loans, commercial real estate loans, SBA lending (as a Preferred SBA Lender), construction and land development loans, PPP loans, and consumer banking services. Banking services are delivered through 8 full-service branches and 2 loan production offices in Los Angeles, Orange, and San Diego Counties.
Is First Choice Bancorp a public or private company?
First Choice Bancorp is a public company. It is classified as public and is currently operating.
When was First Choice Bancorp founded?
First Choice Bancorp was founded in 2005. It employs 11 to 50 people.
Where is First Choice Bancorp based?
First Choice Bancorp is headquartered in Cerritos, United States, in the North America region.
How does First Choice Bancorp make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are noninterest Income and paycheck Protection Program (PPP) Loans.
Who are First Choice Bancorp's main competitors?
Direct peers on record are Pacific Premier Bancorp, CVB Financial (Citizens Business Bank), First Foundation Inc., Community West Bancshares, Heritage Commerce Corp, East West Bank, Cathay Bank and Bank of Hope. Enterprise Financial Services Corp is listed as an emerging player. Luther Burbank Savings is listed as a regional player.
Does First Choice Bancorp have an API?
No public API is recorded for First Choice Bancorp.
What industry is First Choice Bancorp in?
First Choice Bancorp's product category is Community Banking. Its primary akta.pro industry code is FSABABAA, General SME & Middle-Market Commercial Banking, with a secondary code of FSAKAGAI, SBA/Government-Backed & Development Finance Loans. Its NAICS code is 52211 and its SIC code is 6022.