Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
FINRA Deleted Symbol
Merger
http://otce.finra.org/DLDeletions
"Shareholders of NCAL Bancorp, other than CBC Bancorp, the majority shareholder, will receive $1.02 per share according to the terms and conditions of the plan of merger. The shares of NCAL Bancorp held by CBC Bancorp will be cancelled in the merger."
Banktracker:
https://banktracker.investigativereportingworkshop.org/banks/california/costa-mesa/commercial-bank-of-california/
Marker:
Ncal Bancorp (PC) (NCAL)
0.96 0.0 (0.00%)
Volume: 0
Net income for Q1 of 2017 was $907k. This would put them on track to outpace net income for 2016 at $3.1M
The Share Structure is unknown at this time.
Marker:
Ncal Bancorp (PC) (NCAL)
$0.66 unchanged 0.0 (0.00%)
Volume: 0
National Bank of California Completes Merger With Irvine Lender
By Marni Usheroff
Monday, May 2, 2016
Brentwood’s National Bank of California has completed its merger with Irvine's Commercial Bank of California.
Now known as Commercial Bank of California, the newly combined lender is a subsidiary of NCAL Bancorp, which has more than $750 million in assets and more than $650 million in total deposits. Each outstanding share of Commercial Bank of California was converted into roughly 10.4 shares of NCAL common stock.
The new bank has six branches in Southern California, including three in L.A. County. It will remain headquartered in Brentwood until relocating to a new office in Santa Monica around the beginning of August, subject to regulatory approvals and potential construction delays. All branches will remain open.
“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 NCAL and National Bank of California, and chief executive of Commercial Bank of California, in a statement.
Patel will become NCAL’s chief executive as well. Paul Folino will serve as chairman of Commercial Bank of California and NCAL.
Downey entrepreneur Alex Meruelo recapitalized National Bank of California in 2014 and also controlled Commercial Bank of California.
http://labusinessjournal.com/news/2016/may/02/national-bank-california-completes-merger-irvine-l/
*It's only a matter of time before the bank goes private (easily and legally done when only one individual owns a super-majority of the OS).
Following [privatization] the bank will most likely go "dark".
Marker:
Ncal Bancorp (PC) (NCAL)
$0.57 0.0 (0.00%)
Volume: 0
Commercial Bank of California and National Bank of California to Merge
October 14, 2015 8:30 PM
IRVINE, Calif. & LOS ANGELES--(BUSINESS WIRE)--
NCAL Bancorp (OTC Pink: NCAL), National Bank of California and Commercial Bank of California today announced the execution of a definitive agreement providing for the acquisition of Commercial Bank of California by NCAL Bancorp through the merger of a wholly-owned subsidiary of NCAL Bancorp with and into Commercial Bank of California, followed immediately by the merger of National Bank of California with and into Commercial Bank of California.
In the merger each share of Commercial Bank of California common stock will be exchanged for a number of shares of NCAL Bancorp common stock having an aggregate adjusted book value per share equal to the adjusted book value per share of a share of Commercial Bank of California common stock, determined as of the end of the month preceding the month in which the closing occurs.
The combined bank will continue to serve its Los Angeles County and Orange County customer base and all existing branches of both banks will remain open after the merger. On a pro forma basis, based on financial information at September 30, 2015, the combined bank would have total assets of over $700 million and total deposits of over $600 million.
The merger is subject to customary closing conditions, including the receipt of all regulatory approvals and the approval of the shareholders of both NCAL Bancorp and Commercial Bank of California. It is anticipated that the transaction will close in the first quarter of 2016.
Advisors
NCAL Bancorp and National Bank of California were advised in this transaction by the law firm of King, Holmes Paterno & Soriano, LLP and its financial advisor, FIG Partners, LLC, which rendered a fairness opinion to NCAL Bancorp. Commercial Bank of California was advised by the law firm of Dentons US LLP, and received a fairness opinion from Vining Sparks Community Bank Advisory Group.
About Commercial Bank of California
Commercial Bank of California is a full-service bank serving the business and professional communities in Orange County from two branches located in Irvine and Costa Mesa. More information on Commercial Bank of California is available at www.cbcal.com.
About National Bank of California
National Bank of California is a full service bank headquartered in West Los Angeles serving business and other customers from four banking offices located in Los Angeles and Orange Counties. It is a wholly-owned subsidiary of NCAL Bancorp. More information on National Bank of California is available at www.nbcal.com.
http://finance.yahoo.com/news/commercial-bank-california-national-bank-003000046.html
TARP Transactions
Original TARP investment amount: $10,000,000.00 (on Dec. 19, 2008)
Outstanding investment $10,000,000.00 (Footnote 8)
Total cash back: $1,311,027.78 (May include dividends and interest payments not shown below)
Investment status: Full investment outstanding; warrants outstanding
Data current as of Oct. 16, 2013
* A. Muerelo owned bank in SoCal. I have no interest in either.
Marker:
Ncal Bancorp (PC) (NCAL)
$0.51 0.0 (0.00%)
Volume: 0
NCAL Bancorp Completes Initial Recapitalization (12/10/14)
LOS ANGELES--(BUSINESS WIRE)--NCAL Bancorp (OTCBB:NCAL), the parent company of National Bank of California, announced today the sale of 19,890,322 shares of its common stock for $10,881,000, or $0.54705 per share, to Alex Meruelo and the current directors and an officer of the company. Mr. Meruelo is the founder of the Meruelo Group, located in Downey, California. He will now own approximately 89% of the total outstanding shares of common stock of NCAL Bancorp.
Concurrent with their common stock investment, Mr. Meruelo and the current directors and officers of NCAL Bancorp purchased all outstanding shares of the fixed rate cumulative perpetual preferred stock, series A and series B, of NCAL Bancorp from the U.S. Department of the Treasury for $3,900,000, including $1,800,000 of funds from the current directors and officers. Upon approval of the Federal Reserve Bank of San Francisco, the preferred shares will be converted at the $0.54705 price at which common shares were issued in the recapitalization into NCAL Bancorp common stock based on a total value of $3,900,000. When the preferred stock is converted Mr. Meruelo’s ownership will be reduced to approximately 80% of the outstanding common shares. Mr. Meruelo may also purchase an additional $10,219,000 in common shares at the same per share price during the next 12 months in the second stage of the recapitalization of the company, subject to certain conditions.
For more information, contact hhomsher@nbcal.com, Phone 310.882.4800
http://www.businesswire.com/news/home/20141210006513/en/NCAL-Bancorp-Completes-Initial-Recapitalization#.VIkNmIluiUk
On strong watch for entry this week now
Grandpoint Capital, Inc., and NCAL Bancorp Terminate Definitive Agreement to Merge (1/28/13)
Grandpoint Capital, Inc., and NCAL Bancorp (OTCBB:NCAL), the parent company of National Bank of California, announced today that they have terminated the definitive agreement under which Grandpoint Capital would have acquired NCAL Bancorp and National Bank of California would have become a wholly owned subsidiary of Grandpoint Capital.
“While we are disappointed with this turn of events, we will continue to explore opportunities for a future partnership”, the companies said in a joint statement.
National Bank of California is a full-service commercial bank, which was founded in 1982. The Bank offers customized services to small and mid-sized businesses as well as individuals through five regional offices in Los Angeles, the San Fernando Valley, the San Gabriel Valley and Orange County. At December 31, 2012, the Bank had total assets of $378 million.
Grandpoint Capital is a bank holding company with four wholly owned banking subsidiaries: Grandpoint Bank, Regents Bank, N.A. of Tucson and the Biltmore Bank of Arizona. At December 31, 2012, Grandpoint Capital had consolidated assets of approximately $2.1 billion.
Grandpoint Capital, Inc., and NCAL Bancorp Sign Definitive Agreement to Merge (6/11/12)
The merger consideration to be received by common shareholders will be paid in part at closing and in part two years after the closing. The total consideration to be received at closing will depend upon NCAL Bancorp's tangible common equity prior to closing, pre-closing loan recoveries on charged-off loans, the level of NCAL Bancorp's transaction expenses and the amount of a reserve to be established for future credit losses. Had the transaction closed on May 31, 2012, closing consideration of approximately $1.45 per share would have been payable to common shareholders. The NCAL Bancorp shareholders will also be entitled to participate in certain loan recoveries and data processing expense reductions in the two years following the transaction and to receive at the end of two years any unused portion of the credit reserve established at closing. While the amount of the actual credit reserve cannot presently be determined, at May 31, 2012, the credit reserve would have been approximately $1.70 per share.
All outstanding preferred shares of NCAL Bancorp issued to the U.S. Department of the Treasury shall also be redeemed for their stated value of $10.5 million, plus current accrued but unpaid dividends of approximately $605,000 and all additional dividends accruing through closing.
National Bank of California was founded in 1982. It operates five branches in Los Angeles and Orange counties. As of March 31, 2012, National Bank of California had total assets of $340.9 million.
Completion of the transaction is subject to customary closing conditions and regulatory and shareholder approvals. It is anticipated the transaction will be completed in the fourth quarter 2012.
"This is another outstanding opportunity for Grandpoint to partner with a bank that has a similar business focus and a well established banking office network that complements our own," said Don M. Griffith, chairman and chief executive officer of Grandpoint Capital, Inc., and Grandpoint Bank. "National Bank of California will bring talented leadership to Grandpoint and open up new markets for us in southern California. To insure a smooth transition for our new clients, we will be retaining the executive management team of National Bank of California."
"This merger will enable us to support the continued growth of our clients with greater capital resources and expanded product capabilities," said Henry P. Homsher, president of NCAL Bancorp and National Bank of California. "The fact that our corporate culture and business philosophy are so similar to Grandpoint's makes this a very comfortable fit for our bank."
King, Holmes, Paterno & Berliner, LLP served as legal counsel for NCAL Bancorp for the transaction, and D.A. Davidson & Co. served as financial advisor and issued a fairness opinion. Horgan, Rosen, Beckham Coren, LLP served as legal counsel for Grandpoint Capital, Inc., and Keefe, Bruyette & Woods, Inc. served as financial advisor.
National Bank of California is a full-service commercial bank. The Bank offers customized services to small and mid-sized businesses as well as individuals through five strategically located regional offices in Los Angeles, the San Fernando Valley, the San Gabriel Valley, and Orange County.
Grandpoint Capital is a bank holding company with three wholly owned subsidiaries: Grandpoint Bank, Regents Bank, N.A. and Peoria Holdings, LLC. The company is also a majority owner of the Bank of Tucson. At March 31, 2012, Grandpoint Capital had total consolidated assets of approximately $1.5 billion and in excess of $217 million in shareholders' equity. In January 2012, Grandpoint Capital announced definitive agreements to acquire two financial institutions. Pending regulatory approval, Phoenix-based The Biltmore Bank of Arizona will become a subsidiary of Grandpoint Capital when that transaction is completed, and California Community Bank, which is headquartered in Escondido, will be merged later this year into La Jolla-based Regents Bank.
2012 Annual Report:
http://www.nbcal.com/content/press/2012annualreport.pdf
NCAL Bancorp Announces the Signing of a Definitive Agreement for $25 Million Recapitalization (9/16/13)
LOS ANGELES--(BUSINESS WIRE)--NCAL Bancorp (OTCBB:NCAL), the parent company of National Bank of California (the “Bank”), announced today the signing of a Definitive Agreement with a California-based investor to recapitalize the Company with $25 million of additional capital.
Under the Definitive Agreement, the investor will purchase approximately $23,475,000 in newly issued common stock at a price of approximately $0.54705 per share, becoming majority owner of the Company’s outstanding common shares. The existing directors in support of the transaction will infuse approximately $1.525 million in additional capital.
“This recapitalization will strengthen the balance sheet and provide a solid foundation for customer growth and community support,” said Joe Kornwasser, Chairman of NCAL Bancorp and National Bank of California. The majority of the proceeds are expected to be invested in the Bank, and would enable the Bank, among other things, to meet the capital requirements of its existing Consent Order with the Comptroller of the Currency.
Completion of the transaction is anticipated to be in the first quarter of 2014, subject to regulatory approval and satisfaction of other conditions to closing. Among other things, the recapitalization requires that NCAL Bancorp shall have repurchased at an agreed price its outstanding preferred shares issued to the United States Department of the Treasury. The Bank must also have resolved certain pending inquiries by the US Department of Justice (DOJ) concerning its ACH services to third party processors who may have processed payments for certain companies making short term loans commonly called “payday lenders.” These inquiries are part of an industry-wide DOJ investigation of ACH services provided to payday lenders.
National Bank of California is a full-service commercial bank, which was founded in 1982. The Bank offers customized services to small and mid-sized businesses as well as individuals through four regional offices in Los Angeles, the San Fernando Valley, and Orange County. At June 30, 2013, the Bank had total assets of approximately $342 million. The parties do not intend to make further comments unless or until the transaction is consummated. For more information, visit the Bank’s web site at: www.nbcal.com
King, Holmes, Paterno & Berliner, LLP served as legal counsel for NCAL Bancorp, and FIG Partners LLP issued a fairness opinion for the benefit of NCAL’s shareholders.
Contacts
NCAL Bancorp
Henry P. Homsher, President
310-882-4800
http://www.businesswire.com/news/home/20130916006460/en/NCAL-Bancorp-Announces-Signing-Definitive-Agreement-25
Followers
|
1
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
13
|
Created
|
10/27/08
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |