Grandpoint Completes Gilmore Bank MergerFriday, September 27, 2013
Grandpoint Bank has completed its acquisition of Gilmore Bank from A.F. Gilmore Co.
The merger was announced in July and completed Thursday. Under the deal, Grandpoint adds Gilmore Bank’s office at the Original Farmers Market in Los Angeles’ Fairfax District and an office in La Canada Flintridge to its banking network.
Gilmore Bank, founded in 1955 by Earl Bell Gilmore, was one of the smallest in the county, with assets of $177 million. Grandpoint Bank, part of downtown L.A.’s Grandpoint Capital Inc., now has total assets of $2 billion.
A.F. Gilmore earlier told the Business Journal that the sale would enable it to focus on its real estate holdings, which include the Farmers Market; the land under Caruso Affiliated’s Grove shopping center; and the new Gilmore Station shopping center across Fairfax Avenue.