San Francisco-based Bank of the West has signed a definitive agreement with Wachovia Bank, a subsidiary of Wells Fargo & Company, to acquire two Wachovia branches in Northern California – one in Monterey and one in Santa Cruz.
Reportedly, Bank of the West will acquire a branch at 1050 Del Monte Center – its first in the city of Monterey. The Bank has an existing branch on 17 Mile Drive, in Pebble Beach. In Santa Cruz, it will acquire a branch at 1551 Pacific Ave. The Bank’s existing Santa Cruz location will be consolidated into the new branch.
Maria Lazzarini, head of the Northern California Division of Bank of the West’s Regional Banking Group, said: “We are very pleased to welcome the customers and team members of these two branches. Santa Cruz and Monterey are growing markets for our bank, and the addition of these two locations will help us continue to grow and serve our customers better. This is a great opportunity for Bank of the West to add two attractive branches in very convenient locations for our customers. Both branches will use Bank of the West’s newest customer service technology.”
“This will be a big improvement for us in Santa Cruz. The new branch is in an ideal location for customers who want to walk or drive, and it has plenty of parking. We are confident our existing customers will find it more convenient to bank with us at the new location,” she added
No loans will be purchased as part of the transaction. The transaction is expected to close in the first quarter of 2010, subject to bank regulatory approval and customary closing conditions.
