NCAL Bancorp Announces Shareholder Approval of Transaction with Grandpoint Capital

LOS ANGELES--(BUSINESS WIRE)--NCAL Bancorp (OTCBB: NCAL) announced that at its annual meeting of shareholders held on August 31, 2012, its shareholders approved the principal terms of the merger of NCAL Bancorp with and into Grandpoint Capital, Inc., pursuant to which NCAL Bancorp’s banking subsidiary, National Bank of California, will become a subsidiary of Grandpoint Capital and the shareholders of NCAL Bancorp will receive cash for their shares. Approximately 75.1% of NCAL Bancorp’s outstanding common stock voted in favor of the merger.

The completion of the merger is still subject to receipt of regulatory approval, as well as the satisfaction or waiver of other closing conditions.

This press release may include "forward-looking" statements that involve inherent risks and uncertainties. These statements are subject to risks and uncertainties and actual results could differ materially due to certain risk factors. Specific relevant risks include whether the transaction is approved by regulators, whether other closing conditions are met and whether the transaction with Grandpoint will be completed. Other risks and uncertainties that may affect forward-looking statements are described in NCAL Bancorp’s Proxy Statement dated July 27, 2012 which was sent to all shareholders in connection with soliciting shareholder approval of the merger. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.