IRVINE, CALIF. (Nov. 20, 2019) – Commercial Bank of California (“CBC”), a BauerFinancial Five-Star Superior Bank, today reported that it has officially exceeded $1 billion in assets as of the close of the third quarter of 2019. This marks 368 percent growth in assets since Ash Patel became President and CEO of CBC in 2013. Deposit growth was even more dramatic: total deposits rose by 394 percent between 2013 and 2019. In comparison, aggregate deposits of all banks in Los Angeles and Orange Counties grew by 47 percent over the same period. CBC’s rapid growth had been a key goal for Patel, as he deployed a “Purposeful Journey to a Billion” initiative that empowered his team to drive business with client needs, rather than profits, at the center of their focus.
He also led a strategy to move CBC away from being a traditional bank into a diversified financial services and technology company. Other milestones that aided in growth include the 2016 acquisitions of both National Bank of California and VeriCheck, a fintech payments company, and officially taking CBC Bancorp, the holding company for CBC, private in 2018.
“The last six years have been remarkable for CBC and our team,” said Patel. “In addition to our financial growth, we have brought on top-tier banking and payments executives to lead our teams in developing and deploying transformational financial products that help small and mid-sized businesses be more efficient and profitable.”
This announcement comes on the heels of the Orange County Business Journal’s report that CBC has grown its team 60 percent year-over-year and The Financial Brand Magazine’s analysis that CBC topped its chart for asset growth during a study period that reviewed the growth of 210 FDIC-insured banks over the last few years.
“What these achievements have in common is that they further strengthen our organizational foundation and the basis of our future success. Each brings us closer to our goal of building a unique institution: a bank that does not yet exist with financial products stretching from Payments Solutions to Integrated Receivables Technology, and the financial strength and responsive service needed to make a meaningful contribution to the success of our clients,” said Patel. “CBC’s unique combination of a robust financial condition, advanced technology and a holistic approach to personal service is what is making us the bank of choice for businesses and professionals in Southern California.”
About Commercial Bank of California
CBC is a full-service bank serving the business and professional communities of Los Angeles and Orange counties. Recognized as a BauerFinancial, Inc. “Five-Star Bank” for its financial strength and stability, CBC provides the financial expertise of a major bank while maintaining a commitment to personalized service for every CBC customer. More information about CBC’s custom solutions for your business is available at www.cbcal.com.