Belvedere Expands SoCal Banking Platform

Belvedere Capital has agreed to acquire Spectrum Bank, an Irvine, Calif.-based community bank, for $37 million. It also intends to enter into a strategic alliance with Newport, Calif.-based commercial bank First Heritage Bank. Both moves are part of Belvedere's plan to build a Southern California banking platform, following its planned acquisition of a majority interest in Professional Business Bank (OTC BB: PBBK). The combined institution would have over $650 million in assets.