Grandpoint Capital, Inc., and First Commerce Bancorp Complete Merger

LOS ANGELES & ENCINO, Calif.--(BUSINESS WIRE)-- Grandpoint Capital, Inc., the parent company of Grandpoint Bank, and First Commerce Bancorp (OTCBB:FCCC), the parent company of First Commerce Bank, announced today that they have completed the merger of the two holding companies and the two banks, after receiving shareholder and regulatory approvals.

First Commerce Bancorp's shareholders will receive $4.703 in cash per share, which includes additional considerations based on earnings from operations from April 1, 2010, through the closing. In addition, shareholders may also receive consideration in two years after the closing, based on the performance of a select portfolio of loans. The total transaction is valued at approximately $43.9 million, not including any future additional consideration that may be paid based on the performance of a select portfolio of loans.

“The merger brings together two very complementary organizations,” says Don M. Griffith, chairman and CEO of Grandpoint Capital and Grandpoint Bank. “We share a similar client focus and philosophy that places client needs at the heart of our business. First Commerce also has an exceptionally experienced management team and staff. The talent they bring to Grandpoint will be critical to our success as we continue to build the bank.”

“We are pleased to join with Grandpoint,” says Jack Feldman, former president and CEO of First Commerce Bancorp and First Commerce Bank. “The merger is a win for our clients, who will continue to enjoy our extraordinary brand of customer service along with expanded product capabilities,” Feldman notes, “and for our staff, who will have even greater opportunities for professional growth as part of Grandpoint's expanding banking franchise.” Feldman will remain with Grandpoint as vice chair overseeing the bank's operations in the San Fernando Valley and Westside. He will also serve on the Grandpoint Bank board of directors, along with three other former First Commerce board members.

With the completion of the merger, Grandpoint adds the former First Commerce offices in Encino and Brentwood to its banking office network, which also includes locations in downtown Los Angeles, Orange County and the recently opened South Bay office in El Segundo.

Grandpoint serves small and mid-sized businesses, professionals and entrepreneurs, and high-net-worth individuals, and provides correspondent services to financial institutions.

Grandpoint Bank was launched in June 2010 when Grandpoint Capital acquired Santa Ana Business Bank, with a total capital investment of $75 million. In November 2010, the bank acquired the banking operations of First Vietnamese American Bank, in Westminster, Calif., from the Federal Deposit Insurance Corporation. At the completion of the merger with First Commerce, Grandpoint Bank had total assets of approximately $500 million.

First Commerce was founded in 1984 as Brentwood Square Savings and Loan Association. The name changed to Brentwood Bank of California in 1991 when it converted to a commercial bank. In 1999, when the bank expanded its market presence and scope of business, it became known as First Commerce Bank.

Grandpoint Capital, Inc., is headquartered at 333 South Grand Avenue, Suite 4250, Los Angeles, Calif. In addition to its wholly owned subsidiary, Grandpoint Bank, Grandpoint Capital also holds a majority ownership interest in Tucson-based Southern Arizona Community Bank.

For more information on Grandpoint Bank, please visit www.grandpointbank.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6556756&lang=en