LOS ANGELES--(BUSINESS WIRE)--Grandpoint Bank and Gilmore Bank announced today the completion of the merger of the two banks after receiving all shareholder and regulatory approvals.
With the completion of the merger, Grandpoint Bank adds the former Gilmore Bank offices at the Original Farmers Market in Los Angeles and in La Canada Flintridge to its banking office network. Grandpoint Bank’s total assets at the close of the transaction are approximately $2.0 billion.
“We are fortunate to have had the opportunity to expand our Los Angeles presence with a solid, well managed bank that shares our commitment to building strong, personal client relationships,” said Don M. Griffith, Chairman and CEO of Grandpoint Bank. “We appreciate the trust the Gilmore family placed in Grandpoint to care for the financial services needs of Gilmore Bank’s customers. The bank has a long and distinguished history in Los Angeles, and it is our privilege to carry forward that legacy.”
“Having owned and operated Gilmore Bank since its founding in 1955, it was very important to us to find a merger partner that was financially strong and shared our values,” said Hank Hilty, President and CEO of the A.F. Gilmore Company. “Grandpoint was an excellent match, and we know our customers are in good hands. The merger with Grandpoint brings additional services to the bank that will benefit our existing clients and help attract new business.”
Grandpoint Bank is a full-service commercial bank with two divisions: Bank of Tucson and Regents Bank. Grandpoint operates six banking offices under the Grandpoint Bank name in Los Angeles and Orange counties. Regents Bank has four offices in San Diego County and one in Vancouver, Wash. Bank of Tucson has two branches in Tucson, Ariz. Grandpoint Bank is a wholly owned subsidiary of Grandpoint Capital, Inc., a bank holding company, which also owns Phoenix-based The Biltmore Bank of Arizona. Grandpoint Bank and Grandpoint Capital are headquartered in Los Angeles, Calif.