Regents Completes Acquisition of Cal CommunityMonday, December 3, 2012
Regents Bank, a wholly owned subsidiary of Grandpoint Captial Inc. of Los Angeles, said it completed the purchase of Escondido-based California Community Bank Nov. 30.
The deal that was first announced in January results in CCB’s shareholders receiving $14.167 in cash for each of their shares for a total transaction value of $30.8 million including payments to cancel outstanding stock options.
CCB’s four branches in Escondido, Encinitas, Miramar and Vista will be converted to Regents Bank branches. It had about $250 million in total assets. Regents now operates branches in downtown San Diego, La Jolla, Carlsbad and one in Vancouver, Wash.
The combination will result in Regents having about $615 million in total assets.
Cal Community’s CEO Larry Hartwig joins Regents’ board of directors, while Mark Anderson, the former executive vice president and operations manager at CCB, assumes the role of Regents’ chief operations officer.
Grandpoint Capital, parent of Regents, is a bank holding company with four subsidiaries. In addition to Regents, it also owns Grandpoint Bank in LA, the Bank of Tucson, and Peoria Holdings LLC. As of Sept. 30, the company had total assets of about $1.5 billion.
— SDBJ Staff Report