Commercial Capital Bancorp Inc. in Irvine, Calif., is expanding in northern California by buying Calnet Business Bank for about $40 million in stock.
In announcing the deal late Thursday, the $5.2 billion-asset Commercial Capital said it was interested in the $148 million-asset Calnet both for its deposits and its location - it is in the fast-growing Sacramento Valley. It also cited the proprietary electronic processing and cash management technologies Calnet offers to business clients.
Calnet shareholders would receive 1.0730 shares of Commercial Capital stock in exchange for each share of Calnet stock, valued at $17.57. The price is about 1.77 times Calnet's book value and the deal is expected to close next quarter.
Peter J. Raffetto, Calnet's president and chief executive, would become an executive vice president at Commercial Capital and the president of its Sacramento/Central Valley region.
