CBC Bancorp, the holding company for Commercial Bank of California (CBC), and Bay Community Bancorp (OTC Pink: CBOBA), the holding company for Community Bank of the Bay (CBB), announce that shareholders of both organizations have approved the proposed acquisition and merger transaction, under which CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at valued at $14.00 per common share of Bay Community Bancorp, subject to certain conditions as described in the May 20, 2024 Agreement and Plan of Merger.
“We are grateful for the support of our shareholders in approving this transaction,” said Ash Patel, chairman of the board, CEO and president of Commercial Bank of California. “Obtaining shareholder approval was one of the key conditions required to complete the transaction, so with this milestone behind us, we look forward to a timely closing.”
The acquisition of Bay Community Bancorp will transition Community Bank of the Bay to a privately held bank owned by a limited number of shareholders, and its shares will no longer be publicly traded. As a privately held bank, CBB will remain a division of Commercial Bank of California for the long term.
“We are excited for our future together and the creation of a purposeful community bank that extends across California,” said William Keller, CEO of Community Bank of the Bay.
