Serial acquirer Grandpoint Capital has agreed to buy Gilmore Bank. Both are in Los Angeles.
Gilmore would be merged into the $943 million-asset Grandpoint Bank. Terms of the deal, announced Tuesday, were not disclosed.
The addition of the $177 million-asset Gilmore's two branches would give Grandpoint ten Los Angeles locations.
"Gilmore Bank has a long and proud legacy in Los Angeles," Don Griffith, the chairman and chief executive of Grandpoint Bank, said in the news release. "We are honored that the [Gilmore] family, led by Chairman Hank Hilty, has selected Grandpoint as their partner in this merger."
Grandpoint has bought eight community banks since it was founded in 2010. It terminated a deal with NCAL Bancorp (NCAL) in Los Angeles in January.
Grandpoint Capital has assets of $2.2 billion and three subsidiaries: Grandpoint, of which Bank of Tucson in Arizona is a subsidiary; Biltmore Bank of Arizona in Phoenix; and Regents Bank in La Jolla, Calif.