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Grandpoint Capital, NCAL Bancorp cancel merger agreement

US-based Grandpoint Capital has terminated the definitive agreement to purchase NCAL Bancorp and National Bank of California.

Based on terms of the agreement, which was originally embarked in June 2012, NCAL Bancorp was supposed to become a wholly owned subsidiary of Grandpoint Capital.

In a joint statement both firms said, "While we are disappointed with this turn of events, we will continue to explore opportunities for a future partnership."

Established in 1982, National Bank of California operates as a full-service commercial bank and caters tailored services to small and mid-sized businesses and individuals through offices in Los Angeles, the San Fernando Valley, the San Gabriel Valley and Orange County.

As of 31 December 2012, the bank had total assets of $378m.

Grandpoint Capital manages four wholly owned banking subsidiaries including Grandpoint Bank, Regents Bank, NA, Bank of Tucson and The Biltmore Bank of Arizona. As at 31 December2012, the company had consolidated assets of nearly $2.1bn.