NCal Shareholders Approve Grandpoint MergerWednesday, September 5, 2012
NCal Bancorp on Wednesday said that its shareholders have approved the bank holding company’s merger with Grandpoint Capital Inc.
The vote took place during a meeting on Friday. Pending regulatory approvals, the deal is expected to close in the fourth quarter, said the two Los Angeles companies, with National Bank of California becoming a wholly owned subsidiary of Grandpoint Capital.
When the deal was announced in June, the companies said NCal shareholders would have received $1.45 a share, or $3.37 million, plus $1.70 a share, or $3.96 million, based on a formula using May 31 financials.
NCal is the third of four acquisitions Grandpoint has announced so far this year. In January it said it would buy California Community Bank, an Escondido institution with four branches, and in February announced its intention to buy Phoenix’s Bank Capital Corp., the parent of Biltmore Bank of Arizona. In July it said it would acquire First Commerce Bancorp, the parent of Encino’s First Commerce Bank.