Brentwood’s National Bank of California has completed its merger with Irvine's Commercial Bank of California.
Now known as Commercial Bank of California, the newly combined lender is a subsidiary of NCAL Bancorp, which has more than $750 million in assets and more than $650 million in total deposits. Each outstanding share of Commercial Bank of California was converted into roughly 10.4 shares of NCAL common stock.
The new bank has six branches in Southern California, including three in L.A. County. It will remain headquartered in Brentwood until relocating to a new office in Santa Monica around the beginning of August, subject to regulatory approvals and potential construction delays. All branches will remain open.
“This merger is a key step in our growth strategy, putting us well on our way to becoming a privately held billion-dollar bank,” said Ash Patel, chairman of NCAL and National Bank of California, and chief executive of Commercial Bank of California, in a statement.
Patel will become NCAL’s chief executive as well. Paul Folino will serve as chairman of Commercial Bank of California and NCAL.
Downey entrepreneur Alex Meruelo recapitalized National Bank of California in 2014 and also controlled Commercial Bank of California.
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