IRVINE, Calif.--(BUSINESS WIRE)--Commercial Bank of California (CBC), and National Bank of California, have completed their merger, giving the combined entity six branches in Southern California, more than $750 million in total assets and more than $650 million in total deposits. The newly combined bank will be known as Commercial Bank of California and it will be a wholly owned subsidiary of NCAL Bancorp (OTCPINK:NCAL). All branches will remain open under the new structure, but plans are underway to in effect relocate the current Brentwood Office to a new location in Santa Monica on or about August 1, 2016, subject to regulatory approvals and potential construction delays.
“This merger is a key step in our growth strategy, putting us well on our way to becoming a privately held billion dollar bank,” said Ash Patel, Chairman of the Board of NCAL Bancorp and National Bank of California, and Chief Executive Officer of Commercial Bank of California. “By combining our reach and resources, we’ll be able to provide the most personalized banking services to the residents of Southern California.”
CBC will continue to operate under the name Commercial Bank of California as a wholly-owned subsidiary of NCAL Bancorp. Each outstanding share of Commercial Bank of California was converted into 10.4288 shares of common stock of NCAL Bancorp.
Paul Folino will serve as Chairman of the Board of Commercial Bank of California and NCAL Bancorp. Ash Patel will serve as President and Chief Executive Officer of Commercial Bank of California and NCAL Bancorp.
About Commercial Bank of California
Commercial Bank of California is a full-service bank serving the business and professional communities in Orange County from two branches located in Irvine and Brea.
Its Board of Directors includes Alex Meruelo, President and CEO of Meruelo Enterprises, Inc. and General William Lyon, founder of William Lyon Homes, who serves as Director Emeritus.
More information on Commercial Bank of California is available at www.cbcal.com.
About National Bank of California
National Bank of California is a full-service bank headquartered in West Los Angeles serving the business and professional community from four banking offices located in Los Angeles and Orange counties. It is a wholly owned subsidiary of NCAL Bancorp. Its Board of Directors includes Joseph Kornwasser and Ash Patel. More information on National Bank of California is available at www.nbcal.com.
This press release contains forward-looking statements concerning NCAL Bancorp and its operations, performance, financial condition and likelihood of success. All statements other than statements of historical fact are forward-looking statements. Statements about the successful integration of the employees and customers of National Bank of California and Commercial Bank of California are forward looking in nature. Forward-looking statements are based on many beliefs, assumptions, estimates and expectations of our future performance, taking into account information currently available to us, and include statements about the competitiveness of the banking industry. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date.
We caution readers that a number of factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Among other things, our ability to retain the assets, key personnel, and customers of the two merging banks, and our ability to realize the benefits expected from this transaction, may be limited due to future risks and uncertainties including, but not limited to, changes in general economic conditions that impact our markets and our business, operational and regulatory factors that affect the attractiveness of our products and services in our new markets, actions by the Federal Reserve affecting monetary and fiscal policy, regulatory and legislative actions that may constrain our ability to do business, and the competitive environment.