Grandpoint Capital, Inc., and Orange Community Bancorp Complete Merger

LOS ANGELES & ORANGE, Calif.--(BUSINESS WIRE)--Grandpoint Capital, Inc., the parent company of Grandpoint Bank, and Orange Community Bancorp (OTCBB:OCBN), the parent company of Orange Community Bank, announced today that they have completed the merger of the two holding companies and the two banks, after receiving all shareholder and regulatory approvals.

“Our merger with Orange Community Bank substantially strengthens Grandpoint's presence in the important Orange County market”

Orange Community Bancorp's current shareholders will receive $12.01 in cash per share, resulting in a total transaction value of approximately $31 million.

“Our merger with Orange Community Bank substantially strengthens Grandpoint's presence in the important Orange County market,” said Don M. Griffith, chairman and chief executive officer of Grandpoint Capital and Grandpoint Bank. “We are fortunate to have had the opportunity to expand our Southern California franchise with a solid, well managed bank that supports our strategic vision. We are especially pleased that we will continue to benefit from the leadership and experience of former Orange Community CEO Larry Sallinger, who will remain with Grandpoint Bank as executive vice president and vice chair of the Bank's board of directors.” In addition, Orange Community Bank Chief Financial Officer Jerro Otsuki will serve as executive vice president and CFO of Grandpoint Bank.

“We're very proud of our staff and officers for their hard work and many contributions to the accomplishments that Orange Community Bank has achieved over the past 11 years,” said Larry A. Sallinger, former chief executive officer of Orange Community Bancorp and Orange Community Bank. OCB received The Special Recognition Award in 2004 from The Findley Reports, which also recognized OCB as a Super Premier Performing Bank from 2002 through 2007 and a Premier Performing Bank in 2010. At the time of the merger, OCB was recognized by BauerFinancial as a 5-star performing bank. “With the added resources provided by this merger, we are now able to offer enhanced product capabilities and support higher loan limits, which will benefit our existing clients and help us attract new business in Orange County,” Sallinger said. “Grandpoint is an ideal merger partner because we share a similar market focus and the same commitment to highly personalized service.”

With the completion of the merger, Grandpoint adds the former Orange Community Bank offices in Orange, Anaheim and Huntington Beach to its banking network, which also includes banking offices in downtown Los Angeles, Encino, Brentwood, El Segundo and Santa Ana and a loan production office in Pasadena. Grandpoint has also announced plans to open a regional office in Newport/Irvine.

Grandpoint serves small and mid-sized businesses, professionals and entrepreneurs, and high-net-worth individuals, and provides correspondent services to financial institutions.

Grandpoint Bank was launched in June 2010 when Grandpoint Capital acquired Santa Ana Business Bank, with an initial capital investment of $75 million. In November 2010, the bank acquired the banking operations of First Vietnamese American Bank, in Westminster, Calif., from the Federal Deposit Insurance Corporation. In December 2010, the bank merged with Encino-based First Commerce Bank. At the completion of the merger with Orange Community Bank, Grandpoint Bank had total assets of approximately $850 million.

Orange Community Bank was formed in 2000 by Chief Executive Officer Larry A. Sallinger and a group of local community leaders. The first office opened in the city of Orange. A second office opened in Anaheim in February 2004, and the bank opened a third branch in Huntington Beach in December 2006.

Grandpoint Capital, Inc., is headquartered at 333 South Grand Avenue, Suite 4250, Los Angeles, Calif. Grandpoint Bank has offices in downtown Los Angeles, Brentwood, El Segundo, Encino, Santa Ana, Orange, Anaheim and Huntington Beach and an LPO in Pasadena. More information on Grandpoint may be obtained by visiting www.grandpointbank.com.

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