Business Journal: Calnet Bank Acquired

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(Sacramento, CA)
Monday, October 24, 2005

Calnet Bank began in 2001, setting itself apart with the latest electronic technology applied to banking services. It has deposits of $125 million … on the small side, and limiting the scope of its lending possibilities. Calnet has also been under pressure from bank regulators, curtailing some of its niche products that made it distinct.

Irvine-based Commercial Capital Bank of Irvine is acquiring Calnet for about $40 million in stock. With assets exceeding $5 billion, Calnet will be able to do more varied transactions after the deal closes. That’s expected in the first quarter of next year.