ESCONDIDO, Calif. and LOS ANGELES--(BUSINESS WIRE)-- California Community Bank (OTCBB: CABK) and Grandpoint Capital, Inc. have announced that, effective September 28, 2012, they have amended the definitive agreement to extend the final closing date for the merger from September 30, 2012 to December 31, 2012. This will provide ample time to fully complete all regulatory approvals and consummate the merger. The parties have stated that all other material aspects of the definitive agreement remain unchanged. When completed, California Community Bank will be merged into La Jolla-based Regents Bank, N.A., which Grandpoint Capital acquired in January 2012.
Larry Hartwig, Chief Executive Officer of California Community Bank, commented, “We are pleased to see that this transaction is nearing completion and we are excited to be joining forces with a dynamic growing organization to better serve our customers with a wider variety of products and services. The merger will be beneficial for our customers since both banks share the same philosophy of providing superior customer service through a relationship-oriented approach to community banking.”
Forward-Looking Statements
Statements such as those regarding the anticipated development of the companies’ business, and the intent, belief or current expectations of the companies, their directors, or their officers, are “forward looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “target,” “plans,” “may increase,” “may fluctuate,” “may result in,” “are projected,” and similar expressions. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risk related to the local and national economy, the companies’ performance, including their ability to generate loan and deposit growth, changes in interest rates, and regulatory matters. California Community Bank and Grandpoint Capital do not undertake, and specifically disclaim any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
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California Community Bank
Larry Hartwig
Chief Executive Officer
(760) 888-1001
or
Grandpoint Capital, Inc.
Penny Maines
SVP & Director of Corporate Communications
(213) 542-2716
Source: California Community Bank