Bank of Tucson will soon have a new owner and its name will disappear as its parent company, Los Angeles-based Grandpoint Bank, is acquired by a California bank holding company.
In a deal expected to close July 1, Pacific Premier Bancorp, a publicly traded company based in Irvine, California, is buying Grandpoint Bank’s parent company, Grandpoint Capital Inc., in a stock transaction worth $641 million.
The legacy, name, and signs of Bank of Tucson will be retired from its two Tucson offices and the bank will be rebranded as Pacific Premier Bank, Bank of Tucson President Mike Hannley said in a news release.
The sale includes Bank of Tucson, the single-branch Biltmore Bank of Arizona in Phoenix and 13 other Grandpoint banks, including six in Los Angeles and Orange counties, six in San Diego County, and one in Vancouver, Washington.
Pacific Premier has about $8 billion in assets, with more than 30 offices in California and one in Las Vegas.
Grandpoint Bank had assets averaging about $3 billion in the first quarter.
Hannley and a local group of investors formed Bank of Tucson in June 1996.
Over the years, the bank was acquired by various bank holding companies, most recently Grandpoint Bank in Los Angeles, which acquired the bank in 2011 along with Southern Arizona Community Bank.
A local investor group including auto dealer Jim Click partnered with Grandpoint on that acquisition.
Hannley said Bank of Tucson’s community culture and staff will remain the same.
“Change is inevitable, but this is the first transformation of the name,” Hannley said. “Although the ownership has changed over the past 22 years, the company’s passion for the highest level of customer service and value has never wavered.”