California General Bank in Pasadena has completed its purchase of Professional Business Bank, the companies said Tuesday.
The $64 million-asset California General bought Professional Business Bank on Dec. 31. The purchase was aided by capital from Carpenter Community BancFunds, which is the sole shareholder of California General's parent, CGB Holdings, Inc.
California General adopted the name of the $281 million-asset bank it bought. The banks said the capital "will be used to further strengthen the combined bank's balance sheet and provide a base for expanded small-business lending."
Also in connection with the acquisition, Professional Business Bank's two shareholders, Belvedere Capital Fund II LP and SoCal Bancorp., received cash and securities. SoCal Bancorp. will use its proceeds to pay creditors.
The combined bank has six branches in Los Angeles and Orange counties and $345 million of assets based on both banks' size at Sept. 30.