Grandpoint Capital to buy Biltmore Bank of Arizona
Grandpoint Capital, the parent company of Grandpoint Bank, has agreed o acquire Bank Capital Corporation, the parent company of The Biltmore Bank of Arizona.
When the transaction will be completed, The Biltmore Bank of Arizona will become a subsidiary of Grandpoint Capital.
The Biltmore Bank, founded in 2003, has offices in Phoenix and Scottsdale and held asses of $261m by December.
Grandpoint Capital chairman and CEO Don Griffith said that The Biltmore Bank of Arizona is a well-managed bank that supports its strategic vision and strengthens presence in Arizona.
"We are pleased that Rich Lehmann and his talented management team will guide our growth in Phoenix, a region we believe has tremendous long-term value," added Griffith.
The transaction is anticipated to be completed in the second quarter 2012 following regulatory and shareholder approvals.
Following the acquisition, The Biltmore Bank will continue to operate under its existing name with its current management and staff, including Richard Lehmann, founder and chairman of The Biltmore Bank of Arizona; Jeffrey Gaia, president and CEO; and John Byrd, senior credit officer.
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