Orange Community Bank is now part of Los Angeles-based Grandpoint Bank.
Former Orange Community Bank offices in Orange, Anaheim and Huntington Beach will be added to Grandpoint Bank’s branch system, which also includes locations in Los Angeles, Santa Ana and Westminster.
Grandpoint’s parent, Grandpoint Capital Inc., paid about $31 million for Orange Community Bancorp, which operated Orange Community Bank.
Grandpoint now has assets of about $850 million.
Orange Community Bank was the 15th-largest bank based here, with $220 million in assets in 2010, according to the Business Journal’s list.
Former Orange Community Bank chief executive Larry Sallinger will stay with Grandpoint Bank as executive vice president and vice chair of the board of directors. Chief Financial Officer Jerro Otsuki will serve in the same position for Grandpoint Bank.
Grandpoint Bank was established in June 2010 when its parent company acquired Santa Ana Business Bank for $75 million. Later that year it bought Westminster-based First Vietnamese American Bank from the Federal Deposit Insurance Corp.
Grandpoint acquired First Commerce Bank in Los Angeles, in December.
Grandpoint said Orange Community Bank branches and other operations will be converted to their new name by Oct. 24.
—Jane Yu
