Shareholders of California Community Bank, based in Escondido with $240 million in assets, approved the $30 million sale of the bank to Grandpoint Capital, a Los Angeles private equity company, CCB said April 30.
CCB said 77.3 percent of its shareholders approved the transaction that will result in the bank becoming a subsidiary of San Diego-based Regents Bank, which Grandpoint acquired earlier this year.
Assuming bank regulators give approval, the deal should close in the third quarter.
Cal Community CEO Larry Hartwig, who spearheaded the bank’s founding in 2003, said, “Simply put, the merger is a win-win.”
When combined with Regents, CCB’s assets will bring the bank up to about $600 million and eight branches.