NCAL Bancorp, Commercial Bank of California and National Bank of California received regulatory approval from the Federal Deposit Insurance Corporation, the Federal Reserve Bank of San Francisco and the California Department of Business Oversight for the merger of Commercial Bank of California and National Bank of California.

In the transaction, National Bank of California will be merged into Commercial Bank of California, which will continue to operate under the name Commercial Bank of California as a wholly-owned subsidiary of NCAL Bancorp. Each outstanding share of Commercial Bank of California will be converted into shares of NCAL Bancorp based on an exchange ratio to be determined prior to closing of the transaction. It is anticipated that the closing will occur on or about April 30, 2016.

“This partnership is a natural fit to building our growth strategy and franchise value by combining these two business banking institutions serving Los Angeles and Orange Counties,” said Ash Patel, chairman of the board of NCAL Bancorp and National Bank of California, and chief executive officer of Commercial Bank of California

The combined bank will continue to serve its Los Angeles County and Orange County customer base. All existing branches of both banks will remain open after the merger. Additionally, the bank has received approval to open a full-service branch in Santa Monica, which is anticipated to open in the second quarter of this year. On a pro forma basis, based on financial information as of December 31, 2015, the combined bank would have total assets of over $750 million and total deposits of over $650 million.