Wednesday, June 12, 2024
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California’s CBC Bancorp to acquire Bay Community Bancorp for $122m

  • Acquisition Announcement: CBC Bancorp is set to acquire Bay Community Bancorp in an all-cash deal valued at $14 per common share, totaling approximately $122 million.
  • Combined Assets: The merged entity will manage assets of around $3.5 billion.
  • Regulatory Approval: The acquisition is pending regulatory and shareholder approvals.
  • Post-Acquisition Structure:
    • CBB will become a privately held bank.
    • CBB shares will no longer be publicly traded.
    • CBB will retain its San Francisco Bay Area branch operations and brand identity as a division of CBC.
  • Leadership Changes:
    • A new advisory board will be established with William Keller, CEO of CBB, as chairman.
    • Mukhtar Ali, current president and chief credit officer at CBB, will become the president of the board.
  • Benefits: The combined bank’s larger scale will enable increased investments in products and services, benefiting clients and enhancing productivity.
  • Timeline: The transaction is expected to be completed in late 2024 or early 2025.
  • Strategic Goals: The aim is to maintain the legacies of both banks and increase their collective impact.

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