San Francisco-based private equity firm Belvedere Capital Fund II LP has completed the acquisition of Pasadena-based Professional Business Bank, the firm announced this week.
The bank will continue to operate under the name Professional Business Bank as a wholly owned subsidiary of Belvedere SoCal, a holding company created by Belvedere Capital to acquire banks in Southern California. Further acquisitions are planned with the intention of building a small-business focused community bank in the region.
Belvedere SoCal is also in the process of completing the previously announced acquisition of Irvine-based Spectrum Bank and continuing to negotiate the acquisition of Newport Beach-based First Heritage Bank, N.A.
