LOS ANGELES-&-PHOENIX--(BUSINESS WIRE)--Grandpoint Capital, Inc., and Bank Capital Corporation, the parent company of The Biltmore Bank of Arizona, announced today the completion of a transaction whereby The Biltmore Bank has become a wholly-owned subsidiary of Grandpoint Capital after receiving all shareholder and regulatory approvals.
“We look forward to working with the Grandpoint team as we continue growing and serving the banking needs of Arizona businesses.”
The Biltmore Bank of Arizona will continue to operate under its existing name with its current management and staff, led by Founder and Chairman Richard J. Lehmann, President and Chief Executive Officer Jeffrey P. Gaia, and Senior Credit Officer John T. Byrd. In addition, Lehmann will join the Grandpoint Capital board of directors. The Biltmore Bank, which was founded in 2003, has offices in Phoenix and Scottsdale, Ariz. At September 30, 2012, The Biltmore Bank had total assets of $282 million.
“As we’ve said from the beginning, the affiliation with Grandpoint is an excellent fit for us because we have a common business focus and operating philosophy,” said Rich Lehmann. “We look forward to working with the Grandpoint team as we continue growing and serving the banking needs of Arizona businesses.”
“We are pleased to welcome The Biltmore Bank to the Grandpoint family of banks,” said Don M. Griffith, Chairman and Chief Executive Officer of Grandpoint Capital. “Rich and Jeff and their talented management team have built a first-class bank, and we are fortunate to have them lead our entry into the Phoenix market.” The addition of The Biltmore Bank complements Grandpoint Capital’s presence in southern Arizona, where the holding company owns the Bank of Tucson, the largest community bank in that market.
The Biltmore Bank specializes in serving the business banking needs of locally owned and managed Arizona businesses. Products and services include customized loan solutions, SBA lending, treasury management, business checking, and online and mobile banking. Biltmore Bank has been recognized by Ranking Arizona as the #1 Mid-Sized Bank in Arizona four of the last five years.
Grandpoint Capital is a bank holding company with five wholly owned operating subsidiaries: Grandpoint Bank, Regents Bank, N.A., Bank of Tucson, The Biltmore Bank of Arizona, and Peoria Holdings, LLC. With the completion of The Biltmore Bank acquisition, Grandpoint Capital has total assets of approximately $2.1 billion and in excess of $290 million in shareholders’ equity. The company is headquartered in Los Angeles, Calif.