LA JOLLA, Calif. & ESCONDIDO, Calif.--(BUSINESS WIRE)--Regents Bank, N.A., a wholly owned subsidiary of Grandpoint Capital, Inc., and California Community Bank announced today the completion of the merger of the two banks after receiving all shareholder and regulatory approvals.
California Community Bank’s shareholders will receive $14.167 in cash per share, resulting in a total transaction value of approximately $30.8 million, including the payments to cancel outstanding stock options.
“Welcoming California Community Bank to our team expands our reach across North County, but most importantly, it means a broader range of services for the clients of both banks, as well as greater capital resources for our clients to leverage,” said Steven D. Sefton, President of Regents Bank. “Also, we are pleased that we will continue to benefit from the leadership and skill of Larry Hartwig, former CEO of California Community Bank, who will remain involved with Regents Bank as a member of the Regents Bank Board of Directors. Additionally, Mark Anderson, former EVP and Operations Manager of California Community Bank, will assume the role of Chief Operations Officer for the combined banks.”
“Our leadership team has had a relationship with the professionals at Regents Bank for many years,” said Mr. Hartwig. “Our banks share a customer service philosophy of consultative banking and building strong, personal relationships. This shared commitment to our clients makes this merger a win for our banks and our clients, alike.”
With the completion of the merger, Regents adds the former California Community Bank offices, to be rebranded as Regents Bank offices, in Escondido, Encinitas, Miramar, and Vista, Calif., to its banking network, which also includes banking offices in La Jolla, San Diego, and Carlsbad, Calif., as well as Vancouver, Wash. The combined banks have total assets of approximately $615 million.
About Regents Bank
Founded in 2001, Regents Bank is headquartered in La Jolla, Calif. The bank specializes in serving small to mid-size businesses by offering a unique brand of Entrepreneurial Banking consisting of consultative strategies and solutions that draw on decades of experience in serving business owners. Regents offers a full line of commercial business loans, SBA 504 real estate loans, investment real estate financing, an array of depository products, corporate cash management, international banking and private banking services. With the completion of the merger, Regents now operates seven banking offices in San Diego County and one in Vancouver, Wash. More information about Regents Bank may be obtained by visiting www.regentsbank.com.
About California Community Bank
California Community Bank was established in August 2003 as a full service commercial bank and operated four full service branches in San Diego's North County. Until the merger, the bank’s stock traded on the Over The Counter Bulletin Board (OTCBB) under the symbol "CABK."
About Grandpoint Capital, Inc.
Grandpoint Capital, Inc. is a bank holding company with four wholly owned subsidiaries: Grandpoint Bank, Regents Bank, N.A., Bank of Tucson and Peoria Holdings LLC. At September 30, 2012, Grandpoint Capital had total assets of approximately $1.5 billion and in excess of $225 million in shareholders’ equity. The company is headquartered in Los Angeles, Calif.