Category Archives: Mergers & Acquisitions
September 2013 has been an exciting month for Grandpoint Bank. On September 23, we welcomed Regents Bank as a division of Grandpoint, and today we are proud to announce the completion of our merger with Gilmore Bank. The integration of our two organizations will be complete in early December.
“We are pleased to welcome our Gilmore Bank colleagues and customers to Grandpoint Bank,” says Don M. Griffith, Chairman and CEO of Grandpoint Bank. “We appreciate the trust the Gilmore family has placed in Grandpoint to care for the financial services needs of Gilmore Bank’s customers.”
Gilmore Bank has a long and distinguished history in Los Angeles. Founded by the Gilmore family whose roots in Los Angeles date back to the late 1800s, Gilmore Bank has had an enduring presence in the LA area since 1955. The bank’s former headquarters office is located at the historic Original Farmer’s Market in Los Angeles, which the Gilmore family built and continues to operate.
According to Hank Hilty, President and CEO of the A.F. Gilmore Company, “Having owned and operated Gilmore Bank since its founding in 1955, it was very important to us to find a merger partner that was financially strong and shared our values. Grandpoint was an excellent match, and we know our customers are in good hands. The merger with Grandpoint brings additional services to the bank that will benefit our existing clients and help attract new business.”
We first announced our agreement to acquire Gilmore Bank in July 2013.
“I would like to personally thank everyone who worked so hard to bring our two organizations together so quickly and especially to our customers for their continued trust and loyalty,” adds Chairman Griffith. “It is with great pride that we will continue to carry forward the legacy of Gilmore Bank.”
For a Gilmore Bank customer Q&A about the merger and what to expect in terms of your services, please click here.
Today is an exciting day for our organization, and especially for our customers and colleagues in San Diego. It’s the first day the operations of Regents Bank are fully integrated with Grandpoint’s, completing a process begun a little over two years ago, on September 6, 2011, when Grandpoint Capital, Inc. and Regents Bancshares, Inc. jointly announced a definitive agreement for Grandpoint’s acquisition of Regents Bank.
Since that announcement, we have been working to make the transition as seamless as possible for all those who have come to rely on Regents Bank for its commitment to personal service and its signature Consultative Banking approach.
“Regents Bank is a first-class organization, and we are fortunate to have the Regents’ professionals as part of the Grandpoint team,” according to Don M. Griffith, chairman and CEO of Grandpoint Bank. “They know the San Diego market very well, and they’ll continue to guide our growth in this important region. Under Steve Sefton’s leadership, Regents will maintain its regional autonomy while benefiting from the additional resources Grandpoint brings to the table and the economies of consolidated back office operations.”
Steve Sefton, Regents Bank President and CEO, sums up what Regents’ customers can expect from the organizational change: “Same experience, more resources. We believe we can now offer the best of both worlds: the personalized service and deep market knowledge of a community bank with the substantial capital base of a much larger bank. We will still focus on developing long-term relationships and make business decisions locally, but can now make bigger loans and call on the expertise of our Grandpoint colleagues. We like to say big enough to matter, small enough to care.”
Customers banking online will notice a new look and feel, but experience the same functionality.
Since its founding in 2001, Regents has focused on small and mid-sized companies in San Diego and that won’t change. The emphasis on local companies will continue to be a hallmark of the bank. Regents will retain its name and community presence in downtown San Diego, La Jolla, Escondido and Vista, as well as its branch in Vancouver, Washington.