Core Commercial Bank (Proposed) Granted Conditional Approval by California Department of Business Oversight

First State Bank to Gain Approval in California Since 2008

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–The organizers of Core Commercial Bank (Proposed) (CCB), today announced
they have received conditional approval to organize and establish a
California banking corporation from the California Department of
Business Oversight (DBO), subject to approval of deposit insurance from
the Federal Deposit Insurance Corporation (FDIC) and other standard
conditions. CCB will be a business bank with an emphasis on relationship
and value-driven banking. To be headquartered at 4490 Von Karman Avenue
in Newport Beach, Calif., CCB will serve small and mid-market
businesses, with a focus on professionals, manufacturers, wholesalers
and distributors in Orange, Los Angeles, San Diego and Riverside

CCB filed its regulatory application with the DBO on May 28, 2015
following a planning process that began in late 2014. The approval
process is a precise and rigorous undertaking. CCB is the first new
commercial bank to be approved by the DBO in California since 2008.

According to the FDIC, the number of banks headquartered in Los Angeles
and Orange Counties (respectively the largest and sixth largest counties
in the country) has gone down by over 34 institutions or over 27 percent
since 2009. During that time, non-farm employment has grown by over 10.5
percent, the number of businesses has increased by 4 percent and bank
deposits have grown by 45 percent.

“Over the past several years, mergers and other consolidations have
greatly reduced the number of banks in California, Orange County and
across the country. Acquisitions by larger banks have created a void in
the number of service-oriented community banks. These mergers have led
to recurring turnover of bankers and disruptions in the provision of
banking services. We have observed a noticeable deficit in the quality
of banking service, especially to support the financial needs of small
business owners,” said Mark Simmons, long-time Orange County banker and
proposed chairman of the board of directors for CCB. “CCB aims to
reverse this trend, by providing relationship-driven banking services
delivered by a highly experienced leadership team, a strong value
proposition, and a clear path to financial stability.”

CCB’s leadership team is comprised of officials with an impressive
tenure in the banking and finance industry. Senior management is led by
CCB’s initial organizers Darrell S. Daniel III as chief banking officer
and Jonathan Sigal as chief credit officer. Both Daniel and Sigal have
worked extensively together for the past 20 years in the banking and
finance industry and possess significant commercial banking experience.
CCB has been advised in this effort by Carpenter & Company, an Irvine,
Calif. based financial institution advisor and private equity firm that
has supported the community banking industry for over 40 years, and
Richard E. Knecht, Esq. who serves as CCB’s regulatory counsel. Although
CCB is using Carpenter & Company as its advisor, CCB will not be
affiliated with any of the Carpenter banks or the Carpenter Community

“Both Jonathan and I have worked diligently with the executive
leadership, organizers, board of directors, DBO, and FDIC over the past
year to achieve this significant milestone,” said Darrell S. Daniel III,
chief banking officer of CCB. “CCB is driven by an experienced executive
leadership team and board of directors who are accomplished business
professionals with strong ties to CCB’s target market. This leadership
team is focused on creating robust, long-term partnerships that are
mutually beneficial for its future clients and shareholders.”

About Core Commercial Bank (Proposed)

Core Commercial Bank (Proposed) will be incorporated as a California
banking corporation following approval of its Articles of Incorporation
by the DBO, which is anticipated prior to the end of November. Following
its receipt of all necessary approvals to open for business, the bank
will be an independent, full-service commercial bank providing
relationship-driven services to small and mid-sized businesses with an
emphasis on professionals, manufacturers, wholesalers and distributors.
CCB will be the first California chartered bank to receive approval
since 2008. CCB is led by a team of well-qualified executives committed
to providing a superior customer experience and establishing long-term
relationships with clients and investors. Headquartered in Newport
Beach, CCB will serve Orange, Los Angeles, San Diego and Riverside
counties. For more information, please contact


Echo Media Group
Sabrina Suarez, 714-573-0899 ext. 227