Community banking

In Brief: Calif. Bank Bags Real Estate Outfit

Published May 26, 2005, 1:00 a.m. EDT

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Updated May 25, 2005, 6:03 p.m. EDT

1 Min Read

Commercial Capital Bancorp Inc. of Irvine, Calif., said Wednesday that it had acquired North American Exchange Co. of Walnut Creek, Calif.

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North American holds the proceeds of real estate transactions for investors so that they can defer capital gains taxes until they are ready to buy another property. Formerly a subsidiary of the North American Asset Development Corp. unit of Miami's North American Title Group Inc., it is now an independent subsidiary of the $5.3 billion-asset Commercial Capital.

The sale price was not disclosed.

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