As per the agreement, California Community Bank will be merged with a subsidiary of Grandpoint, Regents Bancshares.
Grandpoint Capital will acquire Regents Bancshares and its subsidiary Regents Bank by the end of January 2012 as per a definitive agreement signed in September 2011.
Grandpoint Capital chairman and CEO Don Griffith said taht once Regents becomes a subsidiary of Grandpoint Capital, they plan to have Regents complete the acquisition of Cal Community and merge their operations into Regents."
"San Diego County is an important market for Grandpoint, and California Community Bank will enhance our presence there with its well-established offices in key locations around the county," Griffith said.
Completion of the transaction is subject to regulatory and shareholder approvals, and is anticipated to be completed in the third quarter of 2012.
California Community Bank operates four banking offices in San Diego County and had total assets of $243.8m by the end of December 2011.
