CommerceWest Bank has moved its headquarters to a larger spot in Irvine, just across the San Diego (405) Freeway.
The bank, which has been based in Irvine since its inception in 2001, announced early this month that it is relocating to 2445 McCabe Way, an office close to John Wayne Airport.
The distinctive glass-sheathed building was previously the base of Entrepreneur Media, and stood out to freeway traffic as it was often adorned with a giant flag during national holidays.
Entreprenuer is no longer at the 57,000-square-foot office, which is now owned by a privately held group based out of Fountain Valley, which paid about $21 million for it and the next-door 2405 McCabe Way building early last year, according to property records.
Rather than a giant flag, CommerceWest’s name is getting fixed atop the building, according to the new tenant.
The new deal marks a sizeable expansion for CommerceWest, which was previously based in a 10,300-square-foot office at 2111 Business Center Drive, on the other side of the 405 Freeway from the new office. Its new spot runs some 25,000 square feet, according to Chairman and CEO Ivo Tjan.
“Our new corporate office is larger and in a facility that will accommodate our growth for many years to come,” Tjan said.
Strong Profits
CommerceWest is the eighth-largest commercial bank based in OC with more than $900 million in assets.
The bank, operated by parent company CW Bancorp (OTCQX: CWBK), made the move at the start of the month.
The company was among a handful of OC public banks that reported strong profits in the fourth quarter of 2020; its $582 million loan portfolio had zero non-performing loans despite being in the middle of a pandemic.
“These are exciting times for our company, our team and our shareholders. Our future is bright. Our goals are clear,” said Tjan.
Staying Local
The office move came with a subtle dig at another bank with large operations in Irvine.
While “some banks are leaving the California marketplace or relocating their headquarters, we remain fully committed to our community,” Tjan said.
First Foundation Inc. (Nasdaq: FFWM) made headlines early this year when it announced it would move the holding company’s headquarters to the Dallas area.
At the time of the announcement, Chief Executive Scott Kavanaugh said he was the only employee to make the move to Dallas.
First Foundation’s main business is still in California, and the company is keeping its bank and wealth management headquarters in Irvine.
