More Great News for Regents Bank Clients With Grandpoint Capital and California Community Bank Joining Forces
In the September 7th, 2011 blog “Regents Bancshares Acquired by Grandpoint Capital” we announced that we had signed a definitive agreement for a merger with Grandpoint Capital and anticipated the merger would be completed by the end of January. We are on schedule. Now, Regents Bank is about to grow even stronger. Here is some exciting news for all of our current and future clients.
Yesterday Grandpoint Capital announced that it has entered into a definitive agreement to acquire California Community Bank, which operates four banking offices in San Diego County. In the announcement, Don M. Griffith, chairman and chief executive officer of Grandpoint Capital, Inc. statedthat “Once Regents becomes a subsidiary of Grandpoint Capital we plan to have Regents complete the acquisition of Cal Community and merge their operations into Regents.”
Regents Bank Chairman Thomas C. Young and CEO Dan C. Yates will continue to serve in those positions for the combined entity following the merger with Cal Community. The transaction, which is subject to regulatory and shareholder approvals, is expected to be completed in the third quarter of this year.
Regents Bank CEO Dan Yates expressed his excitement over the upcoming merger between Regents Bank and Cal Community. “We are very happy to be expanding the Regents Bank footprint through this acquisition in San Diego under the Grandpoint Capital umbrella. We have a great deal of respect for Larry Hartwig, CEO of California Community Bank, and the bank he and his team have built. It’s a perfect fit as we share common values and philosophies on serving small to mid-sized businesses by offering a consultative banking approach with innovative solutions and the credit facilities to help our clients grow and prosper.
Regents is also very excited about extending its geographic reach with the four offices Cal Community has established in Escondido, Encinitas, Vista and the Miramar area. These offices are already staffed with a highly respected group of employees that will be welcomed into the Regents Bank and Grandpoint Capital family.”
The San Diego business community is the big winner in both of these mergers with increased access to a seasoned team of banking professionals and the added financial strength and lending power that the alliance of Regents, Grandpoint and Cal Community provides. With significantly more access to capital, Regents Bank will have greater lending capability to support our clients’ growth.
A consultative relationship with a financially stable bank has always been extremely important to our clients. Our impending mergers with Grandpoint and California Community Bank are yet another sign of Regents’ commitment to our most valued asset: our clients.
To view the official news release from Grandpoint Capital go to: http://grandpointbank.com/pdf/Cal_Community_Bank_press_release.pdf