Grandpoint Capital Inc. is furthering its expansion into San Diego County, announcing its intention to acquire California Community Bank, an Escondido institution with four branches.
The Los Angeles bank holding company said late Thursday that it will pay shareholders of California Community $30 million in cash, plus an amount equal to the bank’s adjusted net income as of shortly before closing. The deal is expected to close in the third quarter, pending shareholder and regulatory approvals.
California Community, which opened in 2003, had assets of nearly $244 million as of Dec. 31. After closing, the institution will be merged into another San Diego-area bank that Grandpoint is acquiring, Regents Bancshares, with Regents the surviving entity.
Grandpoint Capital in September announced a deal with the La Jolla parent of Regents Bank, which, like Cal Community, has four offices in San Diego County. That transaction has been approved by the Federal Reserve and is expected to close by the end of this month. Regents Bank Chairman Thomas C. Young and Chief Executive Dan C. Yates will continue to serve in those positions for the combined entity following the merger with California Community.
“San Diego County is an important market for Grandpoint, and California Community Bank will enhance our presence there with its well-established offices in key locations around the county,” said Grandpoint Chief Executive Don Griffith in a statement.