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Grandpoint Capital announced late Monday that it is buying NCAL Bancorp, the holding company for the National Bank of California, a $341 million-asset bank with five branches in southern California.
June 12
NCAL Bancorp (NCAL) in Los Angeles is selling one of its five branches to a neighboring bank.
The $356 million-asset holding company of National Bank of California said Thursday it would sell a branch and $12.2 billion of deposits to Manufacturers Bank of Los Angeles for an undisclosed amount. The deal, which is expected to close by early next year, would give the $2.1 billion-asset Manufacturers 13 branches.
"The transaction will allow us to redirect our full focus to our core geography in the Los Angeles and Orange County areas," Henry Homsher, National Bank's president, said in a press release. "We are confident we have found an institution that mirrors our customer service philosophy and are excited to introduce our depositors to Manufacturers Bank."
"We are excited to serve the greater Glendale area, as we believe it is a natural complement to our other full service regional branches throughout California," Naresh Sheth, Manufacturers' chief executive, said in the release.
National Bank agreed in June to sell to Grandpoint Capital
D.A. Davidson and the law firm of King, Holmes, Paterno & Berliner advised NCAL on the sale of the branch. The law firm of Horgan, Rosen, Beckham & Coren advised Manufacturers.