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FINANCIAL
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CommerceWest Bank completes Discovery merger

The Irvine-based firm acquired Discovery Bancorp and Discovery Bank Friday.

By Susan BelknappPublished: July 24, 2009 01:15 PM

Irvine-based CommerceWest Bank announced Friday that it completed its merger with Discovery Bancorp and Discovery Bank, which had approximately $152 million in assets on June 30. All three entities previously received necessary shareholder and regulatory approvals, which paved the way for the completion of the merger.

Discovery Bancorp previously merged into Discovery Bank, which then merged with CommerceWest Bank. CommerceWest Bank is the surviving entity. As a result, CommerceWest Bank now has total assets of approximately $400 million and six regional offices across Los Angeles, Orange, Riverside and San Diego counties.

Ivo A. Tjan remains chairman, president and CEO of bank and the board of directors of CommerceWest also remains intact. All Discovery Bancorp and Discovery Bank directors and executive officers have resigned effective as of the close of the merger.

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