NAPA – Walnut Creek-based Bay Commercial Bank (Bulletin Board: BCML.OB) announced that it has received regulatory approval to open a full-service branch in Napa.
The new branch will be located across from Napa’s City Hall in the recently built Napa Square development, at 960 School St. The bank plans to open the branch during the first quarter of 2012.
“We will provide a mix of commercial, industrial and real estate loans, as well as loans guaranteed by the Small Business Administration and USDA to the Napa community and surrounding areas,” said bank CEO George Guarini, in a release.
Bay Commercial's earlier move to enter the Napa market by acquiring two-branch Charter Oak Bank in late 2010 was not completed. Bank of Marin acquired Charter Oak through a Federal Deposit Insurance Corp.-assisted takeover when the bank was declared insolvent in early 2011.
In April, Bay Commercial hired two of Charter Oak's former executives, Mike Ledwich and Jamie Buffington, to help manage the Napa Market.
The bank opened a “Bay Commercial Bank Napa Loan Production Office” earlier this year, and staff from that office will transition to the new branch.
Bay Commercial Bank reported having $274 million in assets and currently operates four branches in Walnut Creek, Oakland, Castro Valley and Mountain View.