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.
About Bay Commercial Bank:
Bay Commercial Bank offers a full-range of loan, including SBA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates. Bay Commercial Bank also offers business escrow services and facilitates tax-free exchanges through its Bankers Exchange Division. Its ten full-service branches in California are located at 500 Ygnacio Valley Road, Walnut Creek; 155 Grand Avenue, Oakland; 3895 E. Castro Valley Blvd, Castro Valley; 700 E. El Camino, Mountain View; 960 School Street, Napa; 22 W. Yokuts Ave, Stockton; 4426 E. State Highway 88 on Waterloo Road, Stockton; 465 Main Street, Pleasanton; 2300 First Street, Suite 100, Livermore, and 1150 South Bascom Avenue, Suite 29, San Jose.
Bay Commercial Bank is a member of the FDIC and is an Equal Housing Lender. The Bank can be found on the web at www.baycommercialbank.com.
The Bank has made forward-looking statements in this Press Release that are subject to risks and uncertainties. Forward-looking statements include information concerning the Bank's possible or assumed future results of operations. Also, when the Bank uses such words as "believe," "expect," "anticipate," "plan," "could," "intend," or similar expressions, it is making forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank's actual results could differ materially from those expressed in any forward-looking statements as a result of certain factors, including: (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the markets served by the entities, (4) other-than-expected credit losses due to adverse changes in the economy, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) unexpected difficulties in the post-merger integration, and (7) legal, tax and accounting changes. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.