CBC Bancorp, the holding company for Commercial Bank of California, has gone private after an internal reorganization and a year of accelerated growth.
The downtown-based bank announced May 25 that it had completed the privatization planned after Brentwood-based National Bank of California’s merger in 2016 with Commercial Bank of California, then based in Irvine.
The full-service bank is now owned by a limited number of private investors, while its shares will no longer be traded.
Executives say the move will create stability for Commercial Bank clients during a period of banking takeovers.
“The banking industry is experiencing a period of increasing concentration,” said Ash Patel, chief executive of CBC Bancorp, formerly known as NCAL Bancorp, in a statement. “Banks are being acquired at a rapid pace, and each such acquisition results in the disruption of long-standing banking relationships for the customers of the acquired institution.”
Last year, net income at CBC Bancorp grew 44 percent to $4,329,000, while net assets grew 7 percent to $869 million. When Patel took the reins at the bank in 2013, its assets were roughly $200 million.
For his leadership skills after more than two decades in the banking industry, Patel was elected last week to the board of directors of the Western Bankers Association, a Sacramento-based trade group with more than 200 member banks.
Health business reporter Dana Bartholomew can be reached at firstname.lastname@example.org. Follow him on Twitter @_DanaBart.