US based Grandpoint Capital has acquired The Biltmore Bank of Arizona from its parent company Bank Capital, following the receipt of approval from all shareholders and regulators.
Under terms of the agreement, The Biltmore Bank of Arizona will continue to function with its current management and staff under its existing name.
The management team includes founder and chairman Richard Lehmann, president and chief executive officer Jeffrey Gaia, and senior credit officer John Byrd. Lehmann will join the Grandpoint Capital board of directors.
Formed in 2003, The Biltmore Bank manages offices in Phoenix and Scottsdale, Arizona and had total assets of $282m, as of 30 September 2012.
The lender offers tailored banking products and services including SBA lending, treasury management, business checking, and online and mobile banking to its customers in the region.
After completion of the acquisition, Grandpoint Capital has total assets of nearly $2.1bn and more than $290m in shareholders’ equity.
Headquartered in Los Angeles, Grandpoint Capital manages five wholly owned banking subsidiaries including Grandpoint Bank, Regents Bank, Bank of Tucson, The Biltmore Bank of Arizona, and Peoria Holdings.