California Community Bank has merged with Regents Bank, a US based community lender and a wholly owned subsidiary of Grandpoint Capital, following the receipt of all shareholder and regulatory approvals.
Under the deal, California Community Bank’s shareholders will get $14.167 per share in cash, valuing the total transaction at nearly $30.8m, which includes payments to cancel dues stock options.
Regents Bank president Steven Sefton said the deal will strengthen its presence in North County, while providing capital resources to its clients.
Larry Hartwig, former CEO of California Community Bank, will be appointed to Regent’s board of directors, while Mark Anderson, former evp and operations manager of the acquired bank, will act as the chief operations officer for the integrated entity.
The merged offices will trade under the brand name of Regents in Escondido, Encinitas, Miramar, and Vista, California.
The combined banking entity will own nearly $615m in total assets and also trade from La Jolla, San Diego, and Carlsbad, California, as well as Vancouver, Wash.