CBC Bancorp, the holding company for Commercial Bank of California (CBC), announces it has entered into a definitive acquisition agreement with Bay Community Bancorp (OTC Pink: CBOBA), the holding company for Community Bank of the Bay (CBB). Under the terms of the agreement, CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per common share. This acquisition merges institutions from two of California's largest banking markets, resulting in approximately $3.5 billion in combined assets. "The alignment of our two institutions will create a unique banking franchise that better serves our employees and clients," said Ash Patel, chairman of the board, CEO and President of Commercial Bank of California. "Once we combine our two reputable banking platforms, it will create a transformative business bank with expanded product offerings driven by the purpose to serve our communities across California." "This transaction brings together two complementary institutions with long standing ties to their communities, similar cultures and a relationship-based approach to banking," said William S. Keller, CEO of Community Bank of the Bay. "One of the many benefits of this combination is that the combined bank's greater scale will allow for increased investments in products and services that will directly benefit our clients and enhance productivity. This is the right move for the future of both institutions and we're excited to work together." Learn more at https://lnkd.in/gMtxYczw. #CDFI #BankCBB #CommunityBank #supportlocal #CommercialBankofCalifornia
Congratulations
Congrats !!!!
Congrats, fellows!
President of weightsandbars.com
3moCongratulations to the entire team at CBB! You planned your work, and worked your plan to perfection. Happy to hear the great news.