Downtown Los Angeles investment company SunPac Financial announced Wednesday that it has agreed to acquire Security First Bank in Fresno, its first step in establishing a new bank serving Los Angeles.

SunPac was formed in July by a team of seasoned banking executives led by V. Charles Jackson, the former chief executive of First Private Bank & Trust in Encino and of Community Bank in Pasadena, with the intent of developing a commercial and private bank in Southern California. Security First, which has a single branch and assets of $104 million, gives the firm an entrée into the banking business as well as a platform on which to build its proposed Los Angeles bank.

“We are so pleased to join forces with Security First Bank, which will serve as our initial platform providing the necessary infrastructure to expand banking activities in Fresno and into the Los Angeles market,” Jackson said in a press release announcing the deal. “Our plan is to allocate capital to expand Security First’s presence, lending activities and commitment to the Fresno market. In addition, we plan to establish a commercial and private banking presence in the Los Angeles market.”

SunPac will pay $10.50 in cash for each share of Security First, though it’s not clear how many shares are outstanding. Security First, which trades over-the-counter, was up 95 percent on the news.