NCAL Bancorp in Irvine, Calif., has agreed to buy Commercial Bank of California in Los Angeles.
NCAL said in a press release late Wednesday that it would pay for the deal in common stock. The purchase price was not disclosed. The deal is expected to close in the first quarter.
NCAL said it would have more than $700 million in assets and $600 million in deposits once the acquisition is completed.
FIG Partners and King, Holmes Paterno & Soriano advised NCAL. Dentons US advised Commercial Bank of Califorina, while Vining Sparks Community Bank Advisory provided a fairness opinion.