Exhibit 99.1

FIRST PACTRUST BANCORP, INC. ANNOUNCES

1st QUARTER RESULTS

April 27, 2011

April 27, 2011 — Chula Vista, California — First PacTrust Bancorp, Inc. (“Bancorp” or the “Company”) (Nasdaq: FPTB), the holding company for Pacific Trust Bank (“the Bank”), announced net income of $693 thousand or $0.07 per share compared to net income available to shareholders of $625 thousand for the period ending March 31, 2010. Excluding certain non-core charges, Bancorp earned $2.0 million, or $0.20 per share for the quarter ended March 31, 2011. The Bank’s cost of deposits declined to 0.80%, a 17.5% reduction from December 31, 2010, with core deposits growing by $14.4 million (5.3%) during the first quarter. Total assets declined by $26.7 million (3.1%), due largely to the planned shrinkage of $26.3 million of deposits with affiliates between December 31, 2010 and March 31, 2011. Net of a $0.105 dividend paid on February 24, 2011, and a $1.0 million ($0.10 per share) payment in connection with the retirement of TARP related warrants, tangible book value per share declined from $13.98 to $13.94 per share between December 31, 2010 and March 31, 2011.

During the first quarter of 2011 the Company disposed of $2.9 million in other real estate owned (“OREO”) at a net loss of $768 thousand, while charging off $421 thousand on new or existing OREO. As of March 31, 2011 the Company’s OREO balances totaled $6.4 million (0.77% of total assets), compared to $6.6 million (0.76% of total assets) as of December 31, 2010. Non-performing loans totaled $27.6 million as of March 31, 2011 compared to $19.9 million as of December 31, 2010. Classified loans, defined as loans rated Loss, Doubtful or Substandard, declined by $837 thousand between December 31, 2010 and March 31, 2011, while loans delinquent 60 - 89 days declined by 40.3% from $9.9 million, to $5.9 million during the same period.

“During the first quarter of 2011 the Bank embarked on a transformational journey which included major investments in people and the adoption of new policies and practices, all of which are expected to lead to enhanced financial performance and the development of a high quality community banking franchise. In connection with these efforts, we supplemented the Bank’s leadership team with a new Director of Retail Banking, Chief Lending Officer and Chief Credit Officer, each of whom has since recruited other new talent into the Bank. We also completed an evaluation of the Bank’s people and products and took a number of other actions aimed at better positioning the Bank to benefit from strategic opportunities. Collectively, these efforts have resulted in a 68.2% reduction in the Bank’s level of Classified Assets as a percentage of capital plus reserves, the rollout of new lending programs, as well as a renewed focus on the attraction of relationship based core deposits. While broader markets continue to be challenged, we believe that our investment in people, as well as our strong capital position and continued focus on the development of a strong balance sheet and deposit franchise will leave us well-positioned to benefit from emerging opportunities in the California banking market,” said Gregory Mitchell, Bancorp President and CEO.

First quarter earnings were impacted by $1.2 million in OREO related losses and expenses ($0.07 per share after-tax), and $864 thousand ($0.06 per share after-tax) in non-core compensation expenses related to an accrual for Change of Control benefits resulting from our 2010 private placement. These non-core charges are not expected to continue and reduced after-tax EPS by $0.13 per share, leaving Bancorp’s common shareholders with $0.07 per share in earnings in the first quarter of 2011.

Bancorp’s Board of Directors increased our quarterly dividend by $0.005 to $0.105 per share. This dividend was paid on April 1, 2011.

FIRST QUARTER 2011 HIGHLIGHTS:

Earnings Fundamentals

Bancorp’s net interest margin declined marginally from 3.68% as of December 31, 2010, to 3.63% as of March 31, 2011. Continued improvement in the Bank’s liability mix and cost of deposits resulted in a 14 basis point reduction (17%) in the cost of deposits from 0.94% at December 13, 2010, to 0.80% at March 31, 2011. This improvement was offset by a 43 basis point reduction in the average yield on the Bank’s loan portfolio due to the re-pricing of adjustable rate loans and reversal of $212 thousand in accrued interest on $15.5 million of loans that had become delinquent by more than 90 days. The Company also experienced declines in the yield on securities as the Company invested excess liquidity into shorter term, liquid securities. The Company anticipates continued reductions in the Bank’s cost of funds related to the maturity of higher yielding FHLB advances and certificates of deposit. In addition, the Bank anticipates higher levels of interest income from new lending initiatives and the conversion of non-earning assets.

Allowances for loan losses remained adequate in the first quarter of 2011 with no new provisions added to our allowances for loan losses. The strong level of available allowances at December 31, 2010 combined with further improvement in the Bank’s core loan portfolio allowed the Bank to absorb additional charges during the period without the need for increasing reserves during the first quarter. Non-interest income improved slightly as a result of improvements in the Bank’s retail banking operations and further benefited from a $319 thousand gain on sale of securities totaling $6.1 million. Salaries and employee benefits increased consistent with the Company’s restructuring plan as the Bank hired new officers and producers to execute its business strategy. During the first quarter, the Bank introduced enhanced lending products with new production expected in the second quarter and beyond. Salaries and employee expenses included a non-core accrual of $864 thousand for Change of Control benefits resulting from the November 2010 recapitalization effort. There remains $883 thousand of potential Change of Control payments should the contractual provisions be triggered in the future. Non-interest expenses were further stressed by the absorption of $1.2 million of additional OREO expenses largely related to the sale of a long-term OREO asset and the establishment of additional reserves on a second asset that is expected to be sold in the second quarter.

Asset Quality:

Balance sheet and liquidity

Operating results

Other Events

“We are pleased with the results of our assessment of the Bank’s operations and progress in achieving a number of operational and financial goals. The management and staff are embracing changes to our operations and working to build a strong foundation capable of supporting high quality asset growth and enhanced earnings,” stated Gregory Mitchell.

CONFERENCE CALL INFORMATION

First PacTrust Bancorp, Inc. will host an earnings conference call at 1:30 (PST) on April 27, 2011, to discuss first quarter 2011 results as well as other matters. To access the conference call, please dial (866) 509-2785. The related presentation slides in PDF format will be available in the Annual Reports & Presentations section of the Company’s Investor Relations Web site at www.firstpactrustbancorp.com.

For those unable to participate in the conference call, a transcript and a recording of the call will be archived on the investor relations page of First PacTrust Bancorp’s website at www.firstpactrustbancorp.com for 90 days following the presentation.

Pacific Trust Bank provides a full range of banking products and services designed for small- to mid-sized businesses and their owners, real estate professionals and individuals interested in a comprehensive relationship with their financial institution.

The financial institution began operations in 1941 and has since grown to $835 million assets as of March 31, 2011. Pacific Trust Bank is now the largest federally chartered community bank headquartered in San Diego County, currently with 12 offices serving San Diego and Riverside counties.

Additional information concerning First PacTrust Bancorp, Inc. can be accessed at www.firstpactrustbancorp.com.

Statements contained in this news release that are not historical facts may constitute forward-looking statements (within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended), which involve significant risks and uncertainties. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and the subsidiaries include, but are not limited to, changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including the U.S. Treasury and the Federal Reserve Board, the quality or composition of the Company’s loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, the possible short-term dilutive effect of potential acquisitions and accounting principles, policies and guidelines. These risks and uncertainties should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements.

SELECTED DETAIL ON CHANGES IN LOAN QUALITY AND RISK

The following table is a summary of our nonperforming assets, net of specific valuation allowances, at March 31, 2011 and December 31, 2010 (dollars in thousands):

Troubled Debt Restructured Loans (TDRs). As of March 31, 2011 the Company had 31 loans with an aggregate balance of $22.3 million classified as TDR. Specific valuation allowances totaling $2.4 million have been established for these loans. When a loan becomes a TDR the Company ceases accruing interest, recognizes principal and interest payments on a cash basis and classifies it as non-accrual until the borrower has made at least six consecutive payments and in certain instances twelve consecutive payments under the modified terms. Of the 31 loans classified as TDR, 25 loans totaling $14.3 million are performing under their modified terms (defined as less than 90 days delinquent). Performing TDR include $10.8 million in loans secured by single family residences, $3.0 million reported as multi-family loans but secured by condo conversion projects, $333 thousand in loans secured by land, one home equity line of credit with a balance of $108 thousand, an unsecured commercial line of credit with a balance of $38 thousand and an unsecured consumer loan with a balance of $2 thousand. Of the performing TDRs, $6.8 million have been paying as agreed for more than six months and are on accrual status while $7.5 million are performing and earning interest on a cash basis but are classified non-accrual because the borrower has yet to make six consecutive payments under the modified agreement. Six TDR loans with an aggregate balance of $8.0 million are “nonperforming” (defined as over 90 days delinquent). Nonperforming TDR loans consist of two loans totaling $1.9 million secured by land, one loan with an aggregate balance of $3.7 million secured by a multi-family residence and three loans with an aggregate balance of $2.4 million secured by single-family residences. These loans will either return to a performing TDR status or move through the Bank’s normal collection process for non-performing loans.

The following table presents the seasoning of the Bank’s performing restructured loans, their effective balance (principal balance minus specific valuation allowances charged-off), and their weighted average interest rates (dollars in thousands):

FIRST PACTRUST BANCORP, INC.

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands except per share data)

FIRST PACTRUST BANCORP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share data)

FIRST PACTRUST BANCORP, INC.

ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS

(Amounts in thousands, except share and per share data)

FIRST PACTRUST BANCORP, INC.

SELECTED QUARTERLY FINANCIAL DATA

(Amounts in thousands, except share and per share data)

FIRST PACTRUST BANCORP, INC.

ANALYSIS OF INTEREST INCOME AND EXPENSE, RATES AND YIELDS

(Amounts in thousands, except share and per share data)