Bay Cities National Bank on Tuesday said it had entered into an agreement in which it will get $460 million of new capital from investment banker Stephen Gordon and about 25 other investors as part of a change in control.

Upon completion of the recapitalization, the Redondo Beach bank will redeem the shares owned by current shareholders, issue shares to the new investors and Gordon will become chairman and chief executive. The bank plans to convert from a national bank charter to a California state commercial bank and its name changed to Opus Bank.

Gordon plans to expand the bank from the South Bay, where it has five branches, to a Western regional franchise that includes Oregon, Washington, Arizona and Nevada.

The majority of the capital will be invested by a small number of institutional investors, the bank said. The change, subject to required regulatory approvals, has so far been conditionally approved by the California Department of Financial Institutions.

“I am very pleased to have been able to bring the financial support of a stable of highly-regarded and successful investors to my efforts to recapitalize Bay Cities,” Gordon said in a statement.

Gordon, who in late 2009 entered into agreements with Bay Cities to lead its recapitalization efforts and acquire control, was the founding chairman and chief executive of Commercial Capital Bancorp Inc. in Irvine until its sale to Washington Mutual Inc. in 2006 in a deal valued at about $1 billion.

Bay Cities, as of June 30, had total assets of $273 million, net loans of $117 million and deposits totaling $262 million.