Commercial Capital Bancorp Inc., Irvine, Calif., has agreed to acquire Timcor Exchange Corp., Los Angeles, Calif., in an all-stock deal valued at $29.4 million. Timcor is a "qualified intermediary" which facilitates tax-deferred real estate exchanges under Section 1031 of the Internal Revenue Service Code.For Commercial Capital, the agreement means that it would get all of the approximately $400 million in transaction related exchange balances on deposit with 15 institutions. Currently, the bank has $127 million in exchange balances on deposit at Commercial Capital, pursuant to a strategic alliance the two entered into in February 2004. Nearly $300 million of those balances were shifted to the bank concurrent with the execution of the merger agreement, with the rest being moved within five days. Besides gaining these deposits, which have a low cost of funds, Commercial Capital also will benefit from the fee income Timcor produces.

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