Irvine-based Spectrum Bank has been bought by a San Francisco-based private equity firm looking for more deals in Southern California.
Late last month, Belvedere Capital Partners LLC paid $37 million for Spectrum, a lender to small businesses. The deal included $22 million in cash and the rest debt.
Spectrum is set to be combined with Professional Business Bank of Pasadena, which Belvedere bought for $51 million in cash and stock a year ago.
Spectrum Chief Executive Tom Timmons plans to retire and be replaced by Norm Broyer, who heads Professional Business Bank in Pasadena.
The two banks are expected to combine this summer, said Alan Lane, executive chairman of Belvedere’s company for its Southern California acquisitions.
Spectrum got its start as Garfield Bank in Montebello, which was owned by local investors. It moved to Orange County five years ago with plans to expand here.
The 50-year-old bank has $160 million in assets and branches in the Irvine Spectrum, Montebello and Huntington Beach.
For more on this story, see the Feb. 18 issue of the Business Journal.
