Bank of Marin Bancorp (BMRC) announced today that it has agreed to purchase NorCal Community Bancorp (NorCal) and its subsidiary, Bank of Alameda. The latter has four branches serving Alameda, Oakland and Emeryville. It had assets amounting to US$264.7 million with total deposits of US$228.7 million. The bank also has loans totaled at US$170.6 million as of March 31, 2013.
Joel Sklar, Chairman of the Board for Bank of Marin Bancorp said in a statement that the combination of two well respected community banks is an excellent opportunity. The acquisition deal also provided the company opportunity for expansion into the East Bay.
The completed transaction would add to BMRC's earnings and shareholder value. Currently, the bank is valued at US$32.7 million or US$3.07 per NorCal share piece of common stock. BMRC's common stock remained between US$35.11 and US$42.91.
Upon closing, the Bank would have around US$1.7 billion in assets and operate twenty one branches in five counties. These counties include Marin, Sonoma, Napa, San Francisco and Alameda.
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