Community banking

In Brief: Equity Firm to Buy Control of Calif. Bank

Published February 05, 2007, 2:00 a.m. EST

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Updated February 02, 2007, 7:31 p.m. EST

1 Min Read

The San Francisco private equity firm Belvedere Capital Partners Inc. says it is buying a majority interest in Professional Business Bank in Pasadena, Calif., for $51 million in cash and stock.

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Alan Lane, a senior adviser to Belvedere and a former president and chief executive of the $699 million-asset Business Bank of California in San Bernardino, Calif., would become the $184 million-asset Pasadena bank's executive chairman. The deal, announced late Thursday, is expected to close by midyear.

Belvedere has bought or invested in 12 community banks since 1994.

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Community banking

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