California based banks Professional Business Bank and California General Bank have completed their merger, following the approval from each bank's respective shareholders and bank regulatory authorities.
Professional Business Bank said that the combined bank will retain the name Professional Business Bank and will continue its mandate of serving small to mid-sized business banking customers.
The new Professional Business Bank specializes in serving small to mid-sized businesses, including medical professionals, professional service providers such as attorneys and CPAs, manufacturing firms and various other regional businesses.
Professional Business Bank president and CEO Mary Lynn Lenz will continue in the role. David Blankenhorn, previously chairman of California General Bank, will continue in that role for the combined bank.
Blankenhorn said that the union of these two local banks creates a strong commercial bank to support small business growth in Pasadena, Glendale, the San Gabriel Valley and the Tri-Cities area.
Carpenter Community BancFunds, the sole shareholder of CGB Holdings, the parent company of California General Bank, invested additional capital in the new Professional Business Bank in conjunction with the merger.
The capital provided by Carpenter Community BancFunds will be used to further strengthen the combined bank’s balance sheet and provide a base for expanded small business lending.