Grandpoint Capital Continues Growth Pattern With Another Acquisition
In a press release dated January 31st, Grandpoint Capital Inc., Regents Bank’s new parent company, announced it has entered into a definitive agreement to acquire Bank Capital Corporation, the parent company of the The Biltmore Bank of Arizona. Following the acquisition, The Biltmore Bank will become a wholly owned subsidiary of Grandpoint Capital and will continue to operate under its existing name with its current management and staff. The Biltmore Bank has offices in Phoenix and Scottsdale.
“Grandpoint already has a presence in southern Arizona through its majority ownership of the Bank of Tucson, which is the largest community bank in that region,” said Dan C. Yates, president of Grandpoint Capital, Inc., and president and CEO of Regents Bank. “The acquisition of The Biltmore Bank will provide a complementary foothold for Grandpoint in the Phoenix area.”
Grandpoint Capital officially completed its acquisition of Regents Bank on January 24th and is scheduled to complete its acquisition of California Community Bank during the 3rd quarter of this year, subject to regulatory approval. When that transaction closes California Community Bank’s four San Diego County offices will be merged into Regents Bank.
“With each of its acquisitions, Grandpoint has selected merger partners that share a similar client-focused business philosophy and specialize in serving small to mid-sized businesses,” adds Yates. “They’re also managed by experienced bankers who are especially well qualified to guide Grandpoint’s growth in their markets.”
Regents Bank operates branch offices in La Jolla, San Diego, El Cajon and Carlsbad, CA and also has a branch office in Vancouver, WA.
Posted on February 2, 2012, in Grandpoint Bank, Uncategorized and tagged Bank Capital Corporation, California Community Bank, Dan Yates, Grandpoint Capital, Regents Bank, The Biltmore Bank of Arizona. Bookmark the permalink. Leave a comment.