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First Commerce Bancorp Shareholders Overwhelmingly Approve Merger with Grandpoint Capital, Inc.

^{Published on 2010-10-21 03:20:42 - Market Wire}
 

ENCINO, Calif.--([ BUSINESS WIRE ])--First Commerce Bancorp (OTCBB:FCCC), the parent holding company of First Commerce Bank announced today that their shareholders have overwhelmingly approved the Plan of Merger with Grandpoint Capital, Inc., the parent company of Grandpoint Bank. Under the terms of the agreement, First Commerce Bancorp will merge with Grandpoint Capital, Inc. and First Commerce Bank will merge with Grandpoint Bank and become a wholly owned subsidiary of Grandpoint Capital. First Commerce Bancorpa™s current shareholders will receive $4.50 in cash per share, plus additional considerations based on net earnings from operations from April 1, 2010, through the closing and based on the performance of a portfolio of loans for the two year-year period following closing. The merger, which requires regulatory approval, is expected to close by year end.

First Commerce Bancorp is located at 16861 Ventura Boulevard, Encino, California. First Commerce Bank is headquartered in Encino with a regional office in Brentwood. At September 30, 2010, the bank had assets of $357.5 million. First Commerce Bank has been recognized by Bauer Financial, a bank rating service, as a 5-star Superior institution, its highest rating. First Commerce Bancorpa™s stock trades on the Over the Counter Bulletin Board (OTCBB) under the symbol FCCC.

Grandpoint Capital, Inc. is headquartered at 333 South Grand Avenue, Suite 4250, Los Angeles, California. Grandpoint Bank has offices in downtown Los Angeles at 355 South Grand Avenue, Suite 2400, and in Santa Ana, California at 1666 North Main Street. The bank plans to open a future office in the South Bay.

This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Actual results could differ materially from those projected in the forward-looking statements.