Commercial Capital Bancorp (NASDAQ:CCBI)
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Commercial Capital Bancorp, Inc. (the "Company"),
(NASDAQ:CCBI), announced today that it completed the acquisition of
Lawyers Asset Management, Inc. ("LAMI") on March 30, 2006, after the
close of business. LAMI is a qualified intermediary, or a 1031
exchange accommodator, that is headquartered in Oakland, California
and has operated for approximately 24 years with long standing
relationships and reputation. Based on a fixed purchase price and the
average closing price of the Company's stock for the ten day period
ended March 30, 2006, the Company issued 549,638 shares of its common
stock. The Company delivered 274,819 shares of stock to the LAMI
shareholders, and placed into escrow the same number of shares, which
will not be distributed in full until one year after the close of the
transaction. LAMI will operate as a subsidiary of Commercial Capital
Bancorp, Inc. under the Lawyers Asset Management brand name, with
Lloyd W. Kendall, Jr. continuing to serve as its President and James
G. Beck serving as LAMI's Executive Vice President and Chief Operating
Officer.
Commercial Capital Bancorp, Inc. is a diversified financial
services company with $5.5 billion of total assets, at December 31,
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, North American Exchange Company and
Lawyers Asset Management brand names.
This press release may include forward-looking statements related
to the Company's plans, beliefs and goals, which involve certain
risks, and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such risks
and uncertainties include, but are not limited to, the following
factors: competitive pressure in the banking industry; changes in the
interest rate environment; the health of the economy, either
nationally or regionally; the deterioration of credit quality, which
would cause an increase in the provision for possible loan and lease
losses; changes in the regulatory environment; changes in business
conditions, particularly in California real estate; volatility of rate
sensitive deposits; asset/liability matching risks and liquidity
risks; and changes in the securities markets. The Company undertakes
no obligation to revise or publicly release any revision to these
forward-looking statements.