US-based bank holding company Grandpoint Capital has entered an agreement with Bank Capital, the parent company of The Biltmore Bank of Arizona, to make the latter a wholly owned subsidiary of Grandpoint Capital.
As part of the deal, The Biltmore Bank will continue to operate under its existing name with its current management and staff.
The transaction is set to be completed in Q2 2012, as it still needs to receive regulatory and shareholder approvals.
The Biltmore Bank provides a range of services including loan services, SBA lending, treasury management, business checking, online and mobile banking. At the end of 2011 fiscal year, the company has registered total assets of USD 261 million.