NOVATO -- Bank of Marin has completed its acquisition of Alameda-based NorCal Community Bancorp and its four-branch Bank of Alameda subsidiary, the Novato-based lender announced Monday.
The transaction, completed Nov. 29, adds about $230 million in deposits and $170 million in loans to Bank of Marin, the sole subsidiary of Bank of Marin Bancorp (Nasdaq: BMRC). The bank now has over $1.7 billion in assets and operates 21 offices across Marin, Sonoma, Napa, San Francisco and Alameda counties.
The bank first announced a definitive agreement to merge with the four-branch Bank of Alameda in July. Bank of Marin issued around 400,000 shares of stock and $16 million in cash for all outstanding shares of NorCal Community Bancorp (OTC: NCLC), for an aggregate deal value of $34.5 million, according to the announcement.
Kevin Kennedy, formerly a director at NorCal, has joined the board of Bank of Marin as part of the transition. He has served four terms as treasurer for Alameda City.
"Kevin Kennedy brings with him a deep knowledge about the local Alameda community. As a director he will keep us focused on the top priorities in that market and help us build on the success of Bank of Alameda," said Joel Sklar, chairman of Bank of Marin's board, in the announcement.
Also continuing through the transition is Steve Andrews, former CEO of Bank of Alameda. The bank had two retail branches in Alameda and a commercial banking office in both Oakland and Emeryville.
"With the close of the merger successfully behind us, we look forward to working with the Bank of Alameda team and the local community to make a positive impact in the East Bay," said Russel Colombo, president and CEO of Bank of Marin, in the announcement.
It is the latest 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.
Bank of Alameda customers became Bank of Marin customers on Nov. 29. Additional system transitions are expected in March. Keefe, Buryette & Woods was the financial adviser for Bank of Marin, and Stuart Moore legal counsel. The financial adviser for NorCal was Sandler O'Neill + Partners, and Bingham McCutchen was legal counsel.
