NOVATO -- Bank of Marin Bancorp (NASDAQ: BMRC), parent company of Bank of Marin, on Monday said it entered a definitive agreement to acquire the parent company of Alameda-based Bank of Alameda.
The move, which extends Bank of Marin's footprint into the East Bay, is expected to be complete around December of this year, according to Bank of Marin President and CEO Russell Colombo.
"It has been part of our strategic plan to get into the East Bay," he said.
Norcal Community Bancorp (OTC: NCLC) , the parent company, had assets of $264.7 million as of March 31, along with $228.7 million in deposits and $170.6 million in loans. The bank has four branches -- two retail branches in Alameda, and a commercial banking office in both Oakland and Emeryville.
After completing the acquisition, Bank of Marin will have approximately $1.7 billion in assets and operate 21 branches in five counties.
The transaction is currently valued at $32.7 million, or $3.07 per share of NorCal stock.
[caption id="attachment_43854" align="alignleft" width="176"] Russell Colombo[/caption]
Bank of Marin has been eying a physical expansion into the East Bay in recent years, having already made commercial customers in the region. The region is expected to offer new options for growth in new industries for the bank, Mr. Colombo said.
It is the first acquisition for the bank since February 2011, when the Federal Deposit Insurance Corp-assisted acquisition of Napa's Charter Oak Bank gave Bank of Marin a physical footprint in Napa Valley.