Business & Tech

Gilmore Bank to be Merged into Grandpoint Bank

Gilmore is headquartered at the Original Farmers Market in L.A., but has a branch office on Foothill Boulevard.

The following article was posted by Donna Evans. It was written and reported by City News Service. 

Grandpoint Bank announced Tuesday that it has entered into a definitive agreement to acquire Gilmore Bank, which was founded in 1955 and is headquartered at the Original Farmers Market in Los Angeles.

Terms of the deal were not disclosed. Gilmore Bank will be merged into Grandpoint Bank, pending completion of customary closing conditions and regulatory and shareholder approvals. It is anticipated the transaction will be completed late in the third quarter of 2013.

Gilmore Bank, which in addition to its headquarters office at the Farmers Market operates a branch in La Canada, had total assets of $176.9 million as of March 31.

``Gilmore Bank has a long and proud legacy in Los Angeles,'' said Don M. Griffith, chairman and CEO of Grandpoint Bank.

``The Gilmore family, who has owned Gilmore Bank since its founding, has been part of the city's history since the late 1800s.

 ``Through the years, they have built many successful businesses that have had a lasting influence on Los Angeles, including L.A.'s legendary Farmers Market,'' Griffith said.

``That entrepreneurial spirit and the family's deeply rooted community connections are clearly evident at Gilmore Bank. We are honored that the family, led by Chairman Hank Hilty, has selected Grandpoint as their partner in this merger.''

Grandpoint Bank, with total assets of about $1.2 billion as of June 30, is a wholly-owned subsidiary of Los Angeles-based Grandpoint Capital Inc. The bank holding company has three wholly-owned banking subsidiaries: Grandpoint Bank, of which Bank of Tucson is a division, Regents Bank, N.A. and The Biltmore Bank of Arizona.


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