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
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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.
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