Genesis Bank in California to buy Excel Bank in cash deal
Stephen Gordon has finally put some of the capital committed to acquisitions to work.
Genesis Bank in Newport Beach, Calif., agreed to buy EH National Bank in Beverly Hills, Calif., for an undisclosed amount of cash. EH National operates as the $300 million-asset Excel Bank, which has three branches, $238 million in loans and $242 million in deposits.
Excel specializes in banking real estate investors, property management companies and homeowners associations.
Genesis said the deal is immediately accretive to pro forma earnings and tangible book value per share. The plan is to reposition the balance sheet when the deal closes “to position the combined bank to generate top-tier financial performance.”
“We anticipate this ‘in-market’ acquisition will provide the opportunity to expand our reach into the clients and communities we serve, including small to mid-sized businesses, entrepreneurs, and multifamily and commercial real estate investors, owners, and their operations,” Gordon said in the release.