Commercial Capital Bancorp (NASDAQ:CCBI)
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Commercial Capital Bancorp, Inc. (the "Company" or
"CCBI"), (Nasdaq:CCBI), announced today that it has filed a Notice of
Appeal with respect to the preliminary injunction granted on November
7, 2005 by the Superior Court of California, County of San Francisco,
in favor of Comerica Bank ("Comerica") against CCBI, its banking
subsidiary, Commercial Capital Bank (the "Bank"), and 24 former
employees of Comerica who joined the Bank from Comerica's Western
Market-based Financial Services Division. The preliminary injunction
prohibits CCBI, the Bank, and the former Comerica employees from
using, destroying, concealing and/or disclosing any of Comerica Bank's
confidential, proprietary or trade secret information, and from
soliciting certain of Comerica's customers, vendors and employees,
during the period that Comerica's lawsuit against such parties is
pending. The preliminary injunction also orders the former Comerica
employees, CCBI and the Bank to return any proprietary documents and
information that the former Comerica employees are alleged to have
taken from Comerica. Comerica filed suit against CCBI and the 24
former employees on July 29, 2005, and obtained a temporary
restraining order against them August 1, 2005. In the lawsuit,
Comerica is seeking exemplary and punitive damages against CCBI, the
Bank and the former Comerica employees, alleging violations of
Comerica's internal policies and California state laws.
In announcing the filing of the notice of appeal, Stephen H.
Gordon, CCBI's Chairman and Chief Executive Officer, stated, "We are
disappointed with the Court's ruling, but it does not change the fact
that we believe that Comerica's lawsuit against CCBI is without merit
and that we will vigorously defend against the lawsuit." Gordon
continued, "As we have stated before, we are a company built upon a
strong foundation of both corporate and personal ethics, morals and
values. In conducting our business, we do not need to use, nor want to
use, another company's confidential, proprietary or trade secret
information regarding its customers, employees or vendors."
Commercial Capital Bancorp, Inc. is a diversified financial
services company, with $5.2 billion of total assets, at September 30,
2005. The Company provides depository and lending products and
services under the Commercial Capital Bank brand name, and provides
1031 exchange services to income property investors nationwide under
the TIMCOR Exchange Corporation and North American Exchange Company
brand names.