Orange Community Bancorp plans to merge into Los Angeles-based Grandpoint Capital Inc. in a deal valued at $30 million.
Orange Community Bancorp is the parent company of Orange Community Bank, which was founded in 2000 and had total assets of about $224 million as of December 2010. Grandpoint Capital owns Grandpoint Bank, which was launched in June of last year when the company acquired Santa Ana Business Bank. Grandpoint had assets of $581 million at the end of February.
Orange Community Bank also will merge into Grandpoint Bank. The transaction is expected to close in the second half of the year.
“The merger of our two banks is an excellent fit, and it will substantially strengthen Grandpoint's Southern California banking franchise, adding a strong presence in Orange County," said Don Griffith, chairman and CEO of Grandpoint Capital Inc.
The new deal is among a series of recent transactions completed by Grandpoint to boost its regional presence; the company purchased Westminster-based First Vietnamese American Bank in November from the FDIC, and finalized a merger with Encino-based First Commerce Bank in December.
The company operates locations in Brentwood, El Segundo, Encino, L.A., Santa Ana and Westminster; the new deal adds locations in Anaheim, Orange and Huntington Beach.
“Orange Community Bank is proud to be a merger partner with such a high quality and well-regarded organization as Grandpoint,” said Larry Sallinger, Orange Community Bancorp and Orange Community Bank CEO. “Grandpoint will provide the resources necessary to expand our products and services so that we can better serve our existing clients and develop new business throughout our region.”
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