Hawthorne Financial Announces Stockholder Approval of Merger With Commercial Capital Bancorp, Inc.
May 25 2004 - 4:00PM
PR Newswire (US)
Hawthorne Financial Announces Stockholder Approval of Merger With
Commercial Capital Bancorp, Inc. EL SEGUNDO, Calif., May 25
/PRNewswire-FirstCall/ -- Shareholders of Hawthorne Financial
Corporation voted overwhelmingly to approve the merger between
Hawthorne and Commercial Capital Bancorp, Inc. . With over 69% of
Hawthorne common stock represented, Hawthorne shareholders approved
the merger by a vote of over 98%. The Hawthorne Board of Directors
had unanimously recommended approval of the merger. CCBI recently
announced that it had received regulatory approval for the merger,
and stockholder approval for the issuance of shares of CCBI in
connection with the merger. Subject to satisfactory completion or
waiver of the remaining conditions to closing, CCBI and Hawthorne
expect to complete the acquisition on June 4, 2004. "We look
forward to completing this transaction and thank our stockholders
and customers for their loyalty and support," said Hawthorne
President and Chief Executive Officer Simone Lagomarsino. Hawthorne
Savings, F.S.B., operates fifteen full service branches in the
coastal counties of Southern California. The Company specializes in
real estate secured loans in the niche markets that it serves,
including: 1) permanent loans collateralized by single family
residential property, 2) permanent and construction loans secured
by multi-family residential and commercial real estate, 3) loans
for the construction of individual single family residential homes
and acquisition and development of land for the construction of
such homes. Commercial Capital Bancorp, Inc., with $1.96 billion of
total assets and $736.3 million of deposits at March 31, 2004, is a
multifaceted financial services company, which provides financial
services to meet the needs of its client base, which includes
income-property real estate investors, middle market commercial
businesses, and high net-worth individuals, families and
professionals. CCBI was the 4th largest multi-family lender in
California during the 12 months ended March 31, 2004 (source:
Dataquick Information Systems) and Commercial Capital Bank (the
"Bank") was the fastest growing savings institution in California,
based on percentage growth in total assets over the 36 months ended
December 31, 2003 (source: http://www.fdic.gov/). Commercial
Capital Bank has full service banking offices located at the
Company's headquarters in Irvine, Rancho Santa Margarita,
Riverside, and La Jolla and loan origination offices in Sacramento,
Corte Madera (Marin County), Oakland, Burlingame, Woodland Hills,
Encino, Los Angeles, Irvine, Riverside, and La Jolla, California,
and plans to open banking offices in Malibu, California in June
2004, Beverly Hills, California in the summer of 2004, and Newport
Coast, California in 2005. For more information, please visit
Hawthorne Financial Corporation's website at:
http://www.hawthornesavings.com/ or Commercial Capital's website at
http://www.commercialcapital.com/. This press release contains
forward-looking statements as referenced in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
relate to the anticipated date of closing the transaction. These
forward-looking statements are subject to certain risks and
uncertainties that could cause the actual results, performance or
achievements to differ materially from those expressed, suggested
or implied by the forward-looking statements due to the number of
factors. Factors which could cause the closing of the transaction
not to occur or be delayed include a failure or delay of either
party in satisfying the remaining conditions precedent to closing.
DATASOURCE: Hawthorne Financial Corporation CONTACT: Ms. Simone
Lagomarsino, President and Chief Executive Officer,
+1-310-725-5631, or Mr. David Rosenthal, Chief Financial Officer,
+1-310-725-1890, both of Hawthorne Financial Corporation Web site:
http://www.commercialcapital.com/ Web site:
http://www.hawthornesavings.com/
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