Irvine-based Plaza Bank agreed to acquire Bank of Manhattan in El Segundo in a deal valued at about $52 million. Plaza Bancorp has been established as a holding entity that will serve as an umbrella for Plaza Bank, Bank of Manhattan, and its holding company, Manhattan Bancorp. On its own, Plaza has assets of $525 million and two branches, one in Irvine and another in Las Vegas.
Bank of Manhattan has assets of $496 million and has six branches, all of them in Los Angeles County. Plaza Bank and Bank of Manhattan are controlled by Carpenter & Co., a bank-focused private equity firm in Irvine. Plaza Chief Executive Gene Galloway will serve as chief executive of the combined bank, which will keep its headquarters in Irvine. Bank of Manhattan President and Chief Operating Officer Rick Sowers will join Plaza as executive vice president.
