California General Bank and Professional Business Bank, two Pasadena commercial banks, on Monday said that they completed their merger.
The combined bank will retain the Professional Business Bank name, but will be owned by California General Bank’s holding company. The combined bank operates six branches in Los Angeles and Orange counties with combined assets of more than $365 million.
Professional Business Bank Chief Executive Mary Lynn Lenz will continue as chief executive and president. David T. Blankenhorn, previously chairman of California General Bank, will continue in that role for the combined institution.
Carpenter Community BancFunds, the Irvine-based sole shareholder of California General Bank parent CGB Holdings Inc., invested additional capital in conjunction with the merger. Professional Business Bank’s two shareholders, Belvedere Capital Fund II L.P., which owned approximately 97 percent of the bank, and SoCal Bancorp, received cash and securities. Other financial terms of the deal, announced in July, were not disclosed.
“We are pleased to expand our commitment to businesses in the San Gabriel Valley and adjacent areas through this combination,” said Edward Carpenter, chairman of Carpenter Community BancFunds.
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