SAN FRANCISCO (Diya TV) — Commercial Bank of California and National Bank of California have successfully completed a merger led by Indian-American Ash Patel. The combined entity of the six branches between the two has given the group more than $750 million in total assets and more than $650 million in total deposits.
The group, merged under the name of the Commercial Bank of California, will operate as a wholly owned subsidiary of NCAL Bancorp, according to a press release. All six branches will remain open under a new structure, however, plans are in motion to relocate the group’s current Brentwood branch to a new location in Santa Monica by the month of August.
“This merger is a key step in our growth strategy, putting us well on our way to becoming a privately held billion dollar bank,” said Patel, chairman of the board of NCAL Bancorp and National Bank of California, and chief executive officer of Commercial Bank of California. “By combining our reach and resources, we’ll be able to provide the most personalized banking services to the residents of Southern California.”
Moving forward, Paul Folino will serve as the chairman of the board to the Commercial Bank of California and NCAL Bancorp, Patel will serve as president and CEO of the bank and group.
The CBC is a full-service institution headquartered in Los Angeles, and serves the business and professional community from four locations throughout the Los Angeles and Orange Counties.