Bay Commercial Bank Announces Successful Completion of the Merger With Valley Community Bank
WALNUT CREEK, Calif., Feb. 17, 2015 (GLOBE NEWSWIRE) -- Bay Commercial Bank (OTC:BCML) announced today the successful merger of Valley Community Bank, Pleasanton, California into Bay Commercial Bank, effective after close of business on Friday, February 13, 2015. The final price per share was $4.22 resulting in a conversion ratio of 0.345.
"We at Valley Community Bank are pleased and excited about becoming a part of Bay Commercial Bank and having the advantage of their size, number of branches, and diverse package of products and services to offer our clients" said Rick Loupe, President and CEO of Valley Community Bank.
George Guarini, President and Chief Executive Officer of Bay Commercial Bank, said: "We are extremely pleased and proud to be able to announce the consummation of this merger. The addition of the three offices, Pleasanton, Livermore and San Jose, help to fill in our physical footprint in the greater Bay Area."
"We welcome the clients, employees and shareholders of the former Valley Community Bank and look forward to jointly capitalizing on the strengths of both our banks. The combination of our banks strengthens not only Bay Commercial Bank's already strong capital base, but enhances our Northern California market reach with 10 offices serving the five contiguous counties of Contra Costa, Alameda, Santa Clara, Napa, and San Joaquin."
Guarini continued, "With this acquisition Bay Commercial Bank has total assets exceeding $600 million and a capital base of more than $68 million allowing us to continue building scale by a combination of organic and strategic growth.
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