Coronado First Bank and La Jolla, CA-based Private Bancorp of America, along with the latter firm’s wholly-owned subsidiary San Diego Private Bank, are to merge.

The firms said in a joint statement that the merger - expected to close in the first quarter of 2013 - will broaden their service offerings and resources, while providing greater operational and regulatory efficiencies.

According to a statement, all outstanding shares in San Diego Private Bank will be exchanged for shares of Coronado First Bank at a fixed exchange ratio of 0.545 shares of Coronado First Bank for each share of San Diego Private Bank. Meanwhile, prior to the merger of Coronado First Bank and San Diego Private Bank, the holding company Private Bancorp of America will be merged into San Diego Private Bank.

Based in Coronado, CA, the combined company will adopt the name of San Diego Private Bank and will continue to operate from all its current locations.

“Bringing these two banks together to form a larger and stronger organization focused on growth will provide banking clients with broader products and services at a time when the Southern California region is entering its next growth cycle,” said Maria Kunac, president and chief executive of Coronado First Bank, and Selwyn Isakow, chairman, president and CEO of San Diego Private Bank.

Representatives of both banks will be appointed to the board of directors. Isakow will serve as chairman of the board and Kunac will serve as president and CEO.

The merger remains subject to customary closing conditions and is pending regulatory and shareholder approval.