This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Grandpoint Capital, Inc., And NCAL Bancorp Sign Definitive Agreement To Merge

Stocks in this article: NCAL

Grandpoint Capital, Inc., the parent company of Grandpoint Bank, and NCAL Bancorp (OTCBB: NCAL), the parent company of National Bank of California, jointly announced today that they have entered into a definitive agreement to merge. Under the terms of the agreement, Grandpoint Capital will acquire NCAL Bancorp and National Bank of California will become a wholly owned subsidiary of Grandpoint Capital.

The merger consideration to be received by common shareholders will be paid in part at closing and in part two years after the closing. The total consideration to be received at closing will depend upon NCAL Bancorp’s tangible common equity prior to closing, pre-closing loan recoveries on charged-off loans, the level of NCAL Bancorp’s transaction expenses and the amount of a reserve to be established for future credit losses. Had the transaction closed on May 31, 2012, closing consideration of approximately $1.45 per share would have been payable to common shareholders. The NCAL Bancorp shareholders will also be entitled to participate in certain loan recoveries and data processing expense reductions in the two years following the transaction and to receive at the end of two years any unused portion of the credit reserve established at closing. While the amount of the actual credit reserve cannot presently be determined, at May 31, 2012, the credit reserve would have been approximately $1.70 per share.

All outstanding preferred shares of NCAL Bancorp issued to the U.S. Department of the Treasury shall also be redeemed for their stated value of $10.5 million, plus current accrued but unpaid dividends of approximately $605,000 and all additional dividends accruing through closing.

National Bank of California was founded in 1982. It operates five branches in Los Angeles and Orange counties. As of March 31, 2012, National Bank of California had total assets of $340.9 million.

Completion of the transaction is subject to customary closing conditions and regulatory and shareholder approvals. It is anticipated the transaction will be completed in the fourth quarter 2012.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs