Following the transaction, Regents Bank is now a subsidiary of Grandpoint Capital and will continue to operate under its existing name with its current management team, led by president and CEO Dan Yates and chairman Thomas Young.
In addition to his continuing role as CEO of Regents, Yates was also named president of Grandpoint Capital.
Grandpoint Capital had earlier signed a definitive agreement to acquire California Community Bank, which has four offices in San Diego County and expects to complete the merger in the third quarter 2012, following which it will be merged into Regents.
Regents Bank is headquartered at La Jolla, California and serves small to mid-size businesses. It had total assets of $345m by December 2011 with banking offices in San Diego, La Jolla, Carlsbad and El Cajon, California, and in Vancouver, Washington.
Regents offers a full line of commercial business loans, SBA 504 real estate loans, investment real estate financing, an array of depository products, corporate cash management and private banking services.
