CORRECTING AND REPLACING Commercial Capital Bancorp, Inc. Completes Acquisition of Calnet Business Bank
March 06 2006 - 2:17PM
Business Wire
First graf, second sentence should read: In accordance with the
Agreement and Plan of Merger announced on October 20, 2005, Calnet
merged with and into Commercial Capital Bank (sted In accordance
with the Agreement and Plan of Merger announced on January 27,
2004, Calnet merged with and into Commercial Capital Bank.) The
corrected release reads: COMMERCIAL CAPITAL BANCORP, INC. COMPLETES
ACQUISITION OF CALNET BUSINESS BANK Commercial Capital Bancorp,
Inc. (the "Company") (Nasdaq:CCBI) announced today that the
acquisition of Calnet Business Bank ("Calnet") was completed on
March 3, 2006 after the close of business. In accordance with the
Agreement and Plan of Merger announced on October 20, 2005, Calnet
merged with and into Commercial Capital Bank. Approximately 2.3
million shares of stock were issued in the transaction, bringing
the number of shares of the Company's common stock outstanding to
approximately 58.8 million. Calnet's outstanding options were
exchanged for options of the Company. At February 28, 2006,
Calnet's total assets equaled $252 million, an increase of 43% from
December 31, 2005. Total assets included net loans held for
investment of $106 million and cash and securities of $144 million.
At February 28, 2006, Calnet's deposits totaled $227 million, an
increase of 49% from December 31, 2005, and had an average cost of
0.75% for February 2006. Total deposits were primarily comprised of
$219 million of transaction account deposits, which included $154
million of noninterest bearing deposits, representing 68% percent
of total deposits. The high percentage of noninterest bearing
deposits reflects the success that Calnet has had with its focus on
providing relationship-driven, business banking and cash management
products and services. Stephen H. Gordon, Chairman and Chief
Executive Officer, stated, "We are very pleased to announce the
successful completion of the merger with Calnet Business Bank.
Calnet has been tremendously successful in delivering highly valued
business banking products and services, which continues to be
reflected by the nearly 50% growth in total deposits since
year-end. We applaud Peter Raffetto and his team for the
accomplishments and milestones that they have achieved over such a
short period of time. We look forward to the Sacramento team
joining Commercial Capital." Commercial Capital Bancorp, Inc. is a
diversified financial services company with $5.46 billion of total
assets, at December 31, 2005. The Company provides depository and
lending products and services under the Commercial Capital Bank
brand name, and provides 1031 exchange services to income property
investors nationwide under the TIMCOR Exchange Corporation and
North American Exchange Company brand names. This press release may
include forward-looking statements related to the Company's plans,
beliefs and goals, which involve certain risks, and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such risks and uncertainties
include, but are not limited to, the following factors: competitive
pressure in the banking industry; changes in the interest rate
environment; the health of the economy, either nationally or
regionally; the deterioration of credit quality, which would cause
an increase in the provision for possible loan and lease losses;
changes in the regulatory environment; changes in business
conditions, particularly in California real estate; volatility of
rate sensitive deposits; asset/liability matching risks and
liquidity risks; and changes in the securities markets. The Company
undertakes no obligation to revise or publicly release any revision
to these forward-looking statements.
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