Los Angeles-based PacificCommerce Bancorp said April 27 that all required regulatory for the of its unit with have been received.
The transactionremains subject to shareholder approvals from both institutions. As previously disclosed,Pacific Commerce Bancorp and ProAmérica Bank have their respective shareholder meetingsscheduled for the second week of May.
Upon deal closing, the combined institution will have total assetsof about $560 million and six offices from downtown Los Angeles to south San DiegoCounty, Calif. Pacific Commerce Bank will operate ProAmérica Bank's single branchas ProAmérica Bank, a division of Pacific Commerce Bank
Maria Salinas and Sal Varela, founders and directors of ProAméricaBank, will become directors of Pacific Commerce Bancorp and Pacific Commerce Bank.