Castle Creek Capital has sold its entire stake in Heritage Commerce in San Jose, Calif.
The $2.5 billion-asset company disclosed in a regulatory filing Wednesday that, as a result, John Eggemeyer, a Castle Creek managing principal, had stepped down from its board on Dec. 15. Eggemeyer had been on the company's board since 2010.
Heritage Commerce did not disclose when Castle Creek sold the stock or when the sales took place.
Castle Creek, however, disclosed in a regulatory filing last month that it sold 2.9 million shares of Heritage Commerce stock between Nov. 11 and Nov. 18 at average weighted prices of $11.76 to $12.33 a share.
Heritage Commerce in September disclosed that affiliates of Castle Creek and Patriot Financial Partners that had held preferred stock since a June 2010 private placement had converted some of those shares to common stock.
Eggemeyer, who was one of American Banker's community bankers of the year in 2006, helped form Castle Creek in 1990.
The Bancorp disclosed in August that Eggemeyer had joined its board after Castle Creek participated in a $74 million investment in the Wilmington, Del., company.