Grandpoint Capital, the parent company of Grandpoint Bank, and First Commerce Bancorp, the parent company of First Commerce Bank, have signed a definitive agreement to merge the two holding companies and the two banks.
Under the terms of the agreement, First Commerce Bancorp will merge with Grandpoint Capital, and First Commerce Bank will merge with Grandpoint Bank and become a wholly owned subsidiary of Grandpoint Capital.
First Commerce Bancorp’s current shareholders will receive $4.50 in cash per share, plus additional considerations based on earnings from operations from April 1, 2010, through the closing and based on the performance of a portfolio of loans for the two-year period following the closing, said Grandpoint Capital.
Jack Feldman, president and CEO of First Commerce, will continue with Grandpoint Bank as vice chairman and executive vice president.
Don Griffith, chairman and CEO of Grandpoint Capital, said: “First Commerce is an ideal match for Grandpoint. We share the same culture and commitment to relationship-based service. Our client base is very similar and our locations are complementary.”
Mr Feldman said: “The merger will provide capital for growth and a broader base of products and services for our customers. We are also pleased our executive management team and staff will continue to provide our customers the same one-on-one professional customer service for which we are known.”