Global Consumer Acquisition Corp (GCAC), a New York-based blank check company, has announced that it is closing its previously announced transaction to purchase First Commerce Bank, which holds a Nevada bank charter. It has added that upon the completion of the transaction, GCAC would be renamed as Western Liberty Bancorp.
Reportedly, GCAC focused on a transaction involving BB&T’s Nevada assets and deposits following the closure of the acquisition of First Commerce Bank. GCAC said that it expects the transaction could be structured differently from the deal originally entered into with Colonial Bank, in order to incorporate some or all of the assets and deposits not included in the original transaction.
Jason Ader, chairman of Western Liberty Bancorp, said: “We believe our shareholders would prefer that we close on the purchase of 1st Commerce Bank and continue to pursue several pools of attractively priced Nevada assets and deposits that we expect to become available in the coming months. Given the amount of asset supply that we expect to be available in the Nevada market, we do not foresee any change in our ability to grow our balance sheet.”