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IRVINE, CA- Commercial Capital Bancorp Inc. has taken two steps toward the acquisition of Hawthorne Financial Corp., with regulators approving the move and CCBI stockholders authorizing the issuance of additional shares of CCBI stock to acquire Hawthorne.The regulatory approval came from the Office of Thrift Supervision. The stockholder approval came at the company’s annual meeting. The acquisition of Hawthorne, which reported total assets of $2.7 billion and $1.8 billion of deposits as of March 31, is expected to close on or near June 4.Under the terms of the agreement that was approved by the boards of the two companies, shareholders of Hawthorne will receive 1.45 shares of CCBI common stock in exchange for each share of Hawthorne stock, subject to some adjustments outlined in the fine print of the deal. The transaction values each share of Hawthorne common stock at $37.92, based on CCBI’s closing price of $26.15 on Jan. 27, 2004. CCBI specializes in lending and financial services for income-property investors, primarily middle market commercial businesses, and high net-worth individuals, families and professionals. The Company was the fourth largest multifamily lender in California during the 12 months ended March 31, according to Dataquick Information Systems. Hawthorne specializes in real estate secured loans, including permanent loans on single-family homes, apartments and commercial real estate. It also lends for the construction of multifamily, commercial and single-family homes and for the acquisition and development of land for development.The two companies agreed to merge in January, according to Securities and Exchange Commission filings. In its filings, CCBI says the merger with Hawthorne is “strategically compelling” because it will combine CCBI strengths including its status as a leading statewide lender and fast-growing bank with Hawthorne’s position as a leading Southern California lender with a strong base of retail deposits.

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