Community banking

In Brief: Commercial Capital of Calif. Buying Timcor

Published February 08, 2005, 2:00 a.m. EST

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Updated February 07, 2005, 6:31 p.m. EST

1 Min Read

Commercial Capital Bancorp Inc. in Irvine, Calif., said Monday that it plans to buy Timcor Exchange Corp. in Los Angeles for $29.4 million.

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Timcor holds the proceeds of real estate transactions for investors until they are ready to buy another property, in order to defer capital gains taxes. The $5 billion-asset Commercial Capital said the deal would give it another source of fee income and increase the deposits held at its Commercial Capital Bank. Currently the company has a year-old deal with Timcor for it to deposit into the bank a minimum of $50 million of proceeds from its customers' real estate transactions.

The deal, expected to close at the end of this month, should be immediately accretive to earnings.

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