Magazine article American Banker

In Latest California Deal, Professional Business Bank and Bank of Manhattan Announce Merger

Magazine article American Banker

In Latest California Deal, Professional Business Bank and Bank of Manhattan Announce Merger

Article excerpt

Byline: Alan Kline

Two Los Angeles community banks largely owned by the same investment group are planning to merge a the latest in a string of deals between California banks.

Professional Business Bank in Pasadena and Bank of Manhattan in El Segundo are both controlled by Carpenter & Co., an investment group that owns stakes in a number of California banks. Carpenter owns all of the outstanding shares of CGB Holdings Inc., the holding company for the $260 million-asset Professional and a 44% stake in Bank of Manhattan's parent, the $147 million-asset Manhattan Bancorp.

John Nerland, Professional's president and chief banking officer, said in a news release Tuesday that the deal would combine Professional's expertise in business lending with Bank of Manhattan's focus on mortgage lending to create a more well-rounded company that can better meet the needs of clients. The combined bank would have four branches in Greater Los Angeles and three mortgage offices, including two in metropolitan San Diego.

The deal is at least the 16th announced between California banks in 2011, by far the most in any state this year. …

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