Grandpoint Capital Inc. in Los Angeles has agreed to buy Orange Community Bancorp.
Under the agreement, shareholders of the $223.6 million-asset Orange Community would receive $30 million in cash, or $11.70 a share. The companies said shareholders would receive additional consideration based on earnings from Jan. 1 through the closing. The transaction should close in the second half of 2011. "The merger of our two banks is an excellent fit, and it will substantially strengthen Grandpoint's Southern California banking franchise, " Don Griffith, Grandpoint's chairman and CEO, said in a Thursday press release.
The $580.9 million-asset Grandpoint Bank was formed in June 2010, when Grandpoint Capital bought the Santa Ana Business Bank to use as a platform for bank acquisitions. In November, Grandpoint purchased the failed First Vietnamese American Bank, and it bought First Commerce Bank in Encino, Calif., in December.