Banking & Finance: Charter Oak shareholders OK merger; Daulton moves to Exchange

Also: Bank of Marin reports 6.2% rise in earnings for 2010Charter Oak Bank shareholders have approved the bank’s previously announced merger agreement with Bay Commercial Bank. The merger transaction remains subject to regulatory approvals.

Pending these approvals, the merger should take place early this year according to Brian Kelly, the current president and chief executive officer of Charter Oak. He will remain with the bank and be the director of the North Bay region.

“Were it not for Brian staying with the bank, we would not have gone through with the deal,” said George Guarini, president and CEO of Bay Commercial. “Brian was the key.”

Charter Oak Bank last quarter had a capital ratio of 5 percent, half of the 10 percent considered healthy by regulators.

Most of the nonperforming loans were real estate-oriented, Mr. Kelly said.

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