The $855 million-asset company in Los Angeles announced late Thursday that it plans to acquire California Community Bank in Escondido. Grandpoint said it would pay $30 million in cash for the $244 million-asset bank, plus an amount equal to its adjusted net income before the closing, minus expenses. The exact price may be adjusted based on the bank's performance between the beginning of the fourth quarter 2011 through the closing.
The deal is expected to close in the third quarter.
The company also announced that its acquisition of Regents Bank in La Jolla, Calif., is set to close by the end of this month. Grandpoint plans to continue to operate the $355 million-asset bank as Regents with its current management team in place. Once that deal closes, Regents' management will oversee the California Community acquisition and will merge that bank's operations into Regents. Both banks are located in San Diego County.
"San Diego County is an important market for Grandpoint, and California Community Bank will enhance our presence there with its well-established offices in key locations around the county," said Don M. Griffith, chairman and chief executive officer of Grandpoint Capital Inc. in a press release.
Grandpoint launched in 2010 with $75 million in capital. That summer it acquired Santa Ana Business Bank and renamed it Grandpoint Bank to use as its platform for more acquisitions in California. Since then, it has acquired the failed First Vietnamese American Bank in Westminster, First Commerce Bank in Encino and Orange Community Bancorp in Orange. In early 2011, it also completed the acquisition of Capitol Bancorp Ltd.'s operations in Tucson, Ariz.
