Continuing its aggressive expansion in Southern California, upstart Grandpoint Capital Inc. in Los Angeles is planning to buy Regents Bancshares Inc. in La Jolla. Terms of the sale, announced last week, were not disclosed. Regents, with $355 million of assets, is the parent of Regents Bank. Founded in 2001, the bank specializes in serving small to mid-size businesses and operates four banking offices in San Diego County and one in Vancouver, Wash.
Under terms of the sale expected to close early next year, Regents would become a wholly owned subsidiary of Grandpoint and would retain its name and management team. Dan Yates would remain president and chief executive and Thomas C. Young will continue as chairman.
"Serving the financial needs of the San Diego County business community is a priority for Grandpoint, and we believe the best way to do that is with a locally-managed bank," said Don M. Griffith, Grandpoint Capital's chairman and CEO.
Grandpoint Capital entered California last year when it bought Santa Ana Business Bank to use as a platform for acquisitions and renamed it Grandpoint Bank. The deal for Regents would be Grandpoint's fourth in Southern California. In November, it bought the failed First Vietnamese American Bank in Westminster and followed that up with deals for First Commerce Bank in Encino in December and Orange Community Bancorp in Orange last month.