Bank Merger Moves Slowly to CompletionWednesday, October 3, 2012
When Escondido’s California Community Bank agreed to be acquired by Grandpoint Capital Inc. in January for about $30 million, both parties said the expected closing on the transaction was sometime in the third quarter, but that didn’t happen.
Because various bank regulators need more time to review the transaction, the parties amended their definitive agreement to extend the closing date from Sept. 30 to Dec. 31.
The deal was already approved by CCB’s shareholders, and one regulatory body, the Office of the Comptroller of the Currency, but needs approval from three other regulators.
In a prepared statement, the parties said there’s no changes to other parts of the definitive agreement save the closing date.
Once the deal closes, Grandpoint, a Los Angeles-based bank holding company, will merge CCB into Regents Bank, which Grandpoint acquired in January. Assuming the regulatory approvals are forthcoming, the combined banks would have about $600 million in total assets and eight local branches.