NCAL Bancorp and Grandpoint Capital Terminate Merger Agreement

NCAL Bancorp (OTCQB: NCAL) and Grandpoint Capital, Inc. said in a joint announcement Tuesday that the two companies have terminated their definitive agreement to merge. Under the agreement, which was entered into in June 2012, Grandpoint was to acquire NCAL Bancorp and its subsidiary National Bank of California.

Los Angeles, California-based NCAL and Bank of California were slated to operate as subsidiaries of Grandpoint upon execution of the transaction.

“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.

In business for 40 years, National Bank of California is a full-service commercial bank offering 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 the end of 2012, the National Bank of California 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., Bank of Tucson and The Biltmore Bank of Arizona.

At the end of 2012, Grandpoint Capital had consolidated assets of roughly $2.1 billion.

A typical regional bank stock, shares of NCAL are extremely thinly traded, but have climbed from around $1.60 to near $1.90 in the past three months on negligible volume.

NCAL Bancorp (NCAL) Stock Quote and News:

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