Commercial Bank and National Bank of California complete mergerStaff writer ▼ | May 2, 2016
Commercial Bank of California (CBC) and National Bank of California have completed their merger.
Going together Commercial Bank of California has been created
The newly combined bank will be known as Commercial Bank of California and it will be a wholly owned subsidiary of NCAL Bancorp.
All branches will remain open under the new structure, but plans are underway to in effect relocate the current Brentwood Office to a new location in Santa Monica on or about August 1, 2016, subject to regulatory approvals and potential construction delays.
“This merger is a key step in our growth strategy, putting us well on our way to becoming a privately held billion dollar bank,” said Ash Patel, chairman of the Board of NCAL Bancorp and National Bank of California, and chief executive officer of Commercial Bank of California.
“By combining our reach and resources, we’ll be able to provide the most personalized banking services to the residents of Southern California.”
CBC will continue to operate under the name Commercial Bank of California as a wholly-owned subsidiary of NCAL Bancorp. Each outstanding share of Commercial Bank of California was converted into 10.4288 shares of common stock of NCAL Bancorp. ■