Regents Bank N.A., a wholly owned subsidiary of Grandpoint Capital Inc., and California Community Bank completed the merger of the two banks after receiving all shareholder and regulatory approvals.
California Community Bank’s shareholders will receive $14.167 in cash per share, resulting in a total transaction value of approximately $30.8 million, including the payments to cancel outstanding stock options.
“Welcoming California Community Bank to our team expands our reach across North County, but most importantly, it means a broader range of services for the clients of both banks, as well as greater capital resources for our clients to leverage,” said Steven D. Sefton, president of Regents Bank. “Also, we are pleased that we will continue to benefit from the leadership and skill of Larry Hartwig, former CEO of California Community Bank, who will remain involved with Regents Bank as a member of the Regents Bank board of directors. Additionally, Mark Anderson, former [executive vice president] and operations manager of California Community Bank, will assume the role of chief operations officer for the combined banks.”
With the completion of the merger, Regents adds the former California Community Bank offices to be rebranded as Regents Bank offices in Escondido, Encinitas, Miramar, and Vista to its banking network, which also includes banking offices in La Jolla, San Diego, and Carlsbad, as well as Vancouver, Wash. The combined banks have total assets of approximately $615 million.