Grandpoint Capital, Inc., a bank holding company, announced today that it has launched Grandpoint Bank. “We are very excited to take the first steps in building a dynamic banking franchise with a significant presence in Southern California,” said Don M. Griffith, Chairman and Chief Executive Officer of Grandpoint Capital and Grandpoint Bank. The Bank is led by Griffith, along with President Jan R. Cloyde, Chief Operating Officer Deborah A. Marsten, Chief Financial Officer David L. Dayton, and Chief Credit Officer David J. Ross, all Southern California financial services veterans.
Griffith, the former Chairman and CEO of First Coastal Bank, also previously served as Chief Financial Officer of First Interstate Bancorp. He was Founder and Chairman of Peninsula National Bank and, in 1989, founded D.M. Griffith & Co., an investment firm that assisted Kohlberg Kravis Roberts & Co. in its investment in the Fleet Financial Group in 1991 and eventual purchase of the Bank of New England. Cloyde is a former Executive Vice President of City National Bank, Home Savings of America and First Interstate Bank and served on the Managing Committee of each bank. Marsten was most recently Vice Chair and Chief Operating Officer of First Coastal Bank, and she has served as the CFO of five banks in Southern California during her 40-year banking career. Dayton is a former partner in the accounting firm of Vavrinek, Trine, Day & Co., with special expertise in mergers and acquisitions. Ross served as Executive Vice President and Chief Credit Officer of Bank of Manhattan and First Coastal Bank before joining Grandpoint.
To finance the new enterprise, Grandpoint Capital successfully raised $335 million in committed capital, of which $75 million was used to launch Grandpoint Bank. “While most banks are facing constraints in the current market, we have the opportunity to go to work for our clients,” said Griffith. “Because we have a clean balance sheet and are so well capitalized, we can focus our attention where it should be, on client relationships.”
“This continues to be a difficult environment for small and mid-sized businesses seeking credit,” Cloyde added. “We're pleased that the banking regulators have approved our entry into the market so that we can put our substantial capital to work, helping creditworthy businesses, entrepreneurs and professionals grow and prosper.”
The Bank serves small and mid-sized businesses, professionals and entrepreneurs, and high-networth individuals with an integrated product set of private client services, business banking and treasury management capabilities. It also provides correspondent services to financial institutions. “One of our key points of differentiation, I believe, is the true lack of silos in our bank,” said Cloyde. “Our clients only need one point of contact with Grandpoint to receive the benefit of our full complement of services.”
Griffith expects Grandpoint Bank to grow organically and to leverage itself through the acquisition opportunities available in a consolidating market. “We intend to support our clients through the full life cycle of their businesses,” said Griffith. “At our core, we're building a strong middle market regional presence. We'll supplement with selected community bank acquisitions, like our recent purchase of Santa Ana Business Bank, which are so well suited to meet the needs of smaller businesses.”
“Often, small businesses can't get the attention they deserve from larger banks, and they frequently outgrow the capabilities of smaller community banks,” noted Cloyde. “We're covering the spectrum, from small to middle market businesses.”
Grandpoint Capital, Inc., is a bank holding company, headquartered in downtown Los Angeles, Calif. Grandpoint Bank serves customers from two locations, in downtown Los Angeles at 355 South Grand Avenue, Suite 2400, Los Angeles, Calif. 90071, and in Santa Ana at 1666 North Main Street, Santa Ana, Calif. 92701. The Bank will open a South Bay office in summer 2010. Information on Grandpoint may be obtained by calling (213) 542-2700 or visiting the Bank's website at www.grandpointbank.com.
# # #
Grandpoint Bank Board of Directors
Don M. Griffith, Chairman & CEO, Grandpoint Capital, Inc., Grandpoint Bank
Jan R. Cloyde, President, Grandpoint Bank
Charles R. Fullerton, Retired
Carole LaCaze, Partner, LaCaze Development Company
Roger B. Laverty, President & CEO, Farmer Bros. Co.
Deborah A. Marsten, Chief Operating Officer, Grandpoint Capital, Inc., Grandpoint Bank
Bertram R. Zweig, Of Counsel, Kaye Scholer LLP
Grandpoint Capital, Inc.