Irvine-based Commercial Bank of California will merge with Brentwood-based National Bank of California, with Commercial Bank the surviving entity and the headquarters remaining in Irvine.
The two banks already have some connection: Ash Patel is chief executive of the Irvine bank and chairman of the Brentwood bank, and both institutions are controlled by Alex Meruelo, who founded the La Pizza Loca restaurant chain.
Meruelo has his Commercial Bank stake through Meruelo Investment Partners, and in December he was part of a group that bought and recapitalized National Bank of California’s publicly traded parent company, NCAL Bancorp, for $14.7 million.
Commercial Bank also has its offices in a building that Downey-based Meruelo Group bought in March 2014 for $4.1 million.
Commercial Bank has one branch each in Irvine and Brea. NBC has a location in Costa Mesa and three in the Los Angeles area. Both banks said all branches would remain open after the acquisition, expected to close in the first quarter of 2016, with all branches taking the Commercial Bank name.
Patel joined Commercial Bank in October 2013 and moved its headquarters to Irvine about a year later. He had founded Premier Commercial Bank in Anaheim in 2001 and served as president and chief operating officer until its sale to Encino-based California United Bank for $38 million in 2012.
CBC had about $320 million in assets and $274 million in deposits as of June 30, each up about $100 million year-over-year. It ranked No. 14 on the Business Journal’s 2014 list of OC-based banks.
NBC had about $372 million in assets and $336 million in deposits as of June 30.
The banks’ websites describe each as full-service banks with National Bank also offering a private banking focus.
