Professional Business Bank and California General Bank Complete Merger

    PASADENA, CA, January 11, 2011 /24-7PressRelease/ -- Professional Business Bank and California General Bank, both commercial banks headquartered in Pasadena, Calif., jointly announce completion of their merger effective December 31, 2010. The merger was approved by each bank's respective shareholders and bank regulatory authorities.

The combined bank will retain the name Professional Business Bank and continue its mandate of serving small to mid-sized business banking customers. The new Professional Business Bank now represents a community banking network with six locations in Los Angeles and Orange counties.

Mary Lynn Lenz will continue in the role as President and Chief Executive Officer of Professional Business Bank. David T. Blankenhorn, previously Chairman of California General Bank, will continue in that role for the combined bank.

"We look forward to continuing to serve our customers with the truly local and personal banking services they have come to rely upon," stated Mary Lynn Lenz. "California General Bank and Professional Business Bank shared a commitment to meeting the banking needs of area businesses with a high level of customer service that is simply isn't provided by larger banks," Lenz continued.

"The union of these two local banks creates a strong commercial bank to support small business growth in Pasadena, Glendale, the San Gabriel Valley and the Tri-Cities area," stated David Blankenhorn. "The combined bank will continue to offer a broad platform of products delivered by an exceptional management team that has the capital backing to address the growing needs of its customers," he said.

Carpenter Community BancFunds, the sole shareholder of CGB Holdings, Inc., the parent company of California General Bank, invested additional capital in the new Professional Business Bank in conjunction with the merger. The capital provided by Carpenter Community BancFunds will be used to further strengthen the combined bank's balance sheet and provide a base for expanded small business lending.

"We are pleased to expand our commitment to businesses in the San Gabriel Valley and adjacent areas through this combination," said Edward Carpenter, Chairman of Carpenter Community BancFunds.

The new Professional Business Bank specializes in serving small to mid-sized businesses, including medical professionals, professional service providers such as attorneys and CPAs, manufacturing firms and various other regional businesses. The combined bank operates from six branches located in both central and east Pasadena, Montebello, Glendale, Irvine, and Huntington Beach.

In conjunction with the merger, the two shareholders of Professional Business Bank, Belvedere Capital Fund II, L.P., which owned approximately 97 percent of Professional Business Bank, and SoCal Bancorporation, which owned approximately 3 percent of Professional Business Bank, received merger consideration in the form of cash and securities. SoCal Bancorporation will use the merger consideration it received to pay its creditors.

About Professional Business Bank
Professional Business Bank is a full-service financial institution that serves the personal and business banking needs of Southern California businesses with an emphasis on companies located throughout the San Gabriel Valley and the Tri-Cities area. Professional Business Bank was founded in 2001.

About California General Bank
California General Bank was formed in March 2009, and as the result of the federally approved bank merger on December 31, 2010, is now known as Professional Business Bank.

About Carpenter Community BancFunds
Carpenter Community BancFunds is a bank holding company with $280 million in committed equity capital. Established in 2008, Carpenter Community BancFunds is managed by principals affiliated with Carpenter & Company, an Irvine, California-based investment firm that has provided capital and strategic advice to the banking industry since 1974. Carpenter Community BancFunds has a current portfolio of invested banks that includes Bridge Bank in San Jose, Plaza Bank in Irvine, Mission Community Bank in San Luis Obispo, Professional Business Bank in Pasadena and Bank of Manhattan in El Segundo, with ownership interests ranging from 35 percent to more than 90 percent.

Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements describe future plans, strategies and expectations. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about California General Bank ("CGB"), Professional Business Bank ("PBB") or the combined bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: CGB, PBB or the combined bank's ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which CGB, PBB or the combined bank's conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the CGB, PBB or the combined bank's operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.

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