With the purchase, Belvedere Capital plans to develop a small-business community bank.
Belvedere Capital Fund and Belvedere SoCal (OTBB:BLVE) yesterday completed the joint acquisition of Spectrum Bank. Spectrum is now a wholly owned subsidiary of Belvedere SoCal, a new holding company created by Belvedere Capital to build Southern California's small business-focused community bank.
The acquisition of Spectrum adds three branches to Belvedere SoCal's footprint, including two in Orange County, and strengthens its position to accommodate further acquisitions.
"We are pleased to complete the acquisition of Spectrum Bank and believe that it will become an important part of our strategy to build the leading community bank in Southern California," Alan Lane, executive chairman of Belvedere SoCal, said in a statement. "Spectrum has a very attractive deposit base and an asset mix that provides significant opportunity to grow in the current market environment."