Printer Friendly

Bank of Marin Bancorp completes merger of NorCal Community Bancorp.

Global Banking News-December 3, 2013--Bank of Marin Bancorp completes merger of NorCal Community Bancorp

(C)2013 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 03 December 2013

Bank of Marin Bancorp, (NASDAQ:BMRC), the parent company of Bank of Marin, has announced the completion of the merger of NorCal Community Bancorp (OTC: NCLC), the parent company of Bank of Alameda, into BMRC, effective November 29, 2013.

The transaction adds nearly USD230m in deposits and USD170m in loans to Bank of Marin. The bank now has over USD1.7bn in assets and operates 21 offices in five counties, including Alameda, San Francisco, Marin, Sonoma and Napa.

Under the agreement, BMRC issued approximately 402 thousand shares of BMRC stock, plus USD16m in cash for all outstanding shares of NorCal stock. The merger had an aggregate deal value of approximately USD34.5m.

Also effective on November 29, Kevin Kennedy, previously a director of NorCal and Bank of Alameda, has joined the BMRC and its board of directors. Kennedy is currently serving his fourth term as Alameda City Treasurer.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

COPYRIGHT 2013 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Dec 3, 2013
Words:197
Previous Article:First ULB acquires Union Financial.
Next Article:Taylor Capital declares dividend on series-A preferred stock.
Topics:

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |