Grandpoint Bank made the announcement today that they entered an agreement to acquire Gilmore Bank. The conditions set for the completion of the transactions are subject to the approval of shareholders and that of the customary closing procedures and regulations.
Grandpoint Bank Chairman and CEO Don M. Griffith said, "The Gilmore family, who has owned Gilmore Bank since its founding, has been part of the city's history since the late 1800s. Through the years, they have built many successful businesses that have had a lasting influence on Los Angeles, including L.A.'s legendary Farmers Market. That entrepreneurial spirit and the family's deeply rooted community connections are clearly evident at Gilmore Bank. We are honored that the family, led by Chairman Hank Hilty, has selected Grandpoint as their partner in this merger."
Gilmore Bank was built in 1955 and holds two offices. One is located in the Original Farmers Market situated in Los Angeles, which holds the corporate headquarters for Gilmore Bank. The second is in La Canada Flintridge. To date, Gilmore Bank holds an estimated US $176.9 million in assets.
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