Managing four branches in Alameda, Emeryville, and Oakland, Bank of Alameda had assets of $264.7m, total deposits of $228.7m, and total loans of $170.6m, as of 31 March 2013.
Bank of Marin Bancorp and Bank of Marin managing director, chairman of the board Joel Sklar said that the deal is part of its long-term growth strategy, which will expand its businesses into the region.
NorCal Community Bancorp and Bank of Alameda chairman of the board James Davis said, "Bank of Marin can provide the resources Bank of Alameda needs to continue providing its customers with the dedicated community-based banking and better personal services."
The deal has been structured in cash and stock, whereby BMRC will pay nearly 51% in common stock and about 49% in cash on an aggregate basis.
Following closing of the transaction, which is likely to happen during the fourth quarter of 2013, the acquirer will have $1.7bn in assets and operate twenty-one branches in five counties, including San Francisco, Marin, Sonoma, Napa and Alameda.
Current director of NorCal and Bank of Alameda Kevin Kennedy will join the BMRC and Bank board of directors, which is subject to applicable corporate governance requirements.
Keefe, Bruyette & Woods, and Stuart | Moore offered advices to Bank of Marin Bancorp, NorCal Community Bancorp was advised by Sandler O’Neill + Partners, and Bingham McCutchen.
