Banking & Finance: Westamerica absorbs Merced-based bank taken over by FDIC

Westamerica Bank acquired all the deposits of County Bank of Merced Feb. 6.

The California Department of Financial Institutions closed the bank and appointed the Federal Deposit Insurance Corp. receiver. The FDIC entered into an agreement with Westamerica to take over all deposits of County Bank.

“We are pleased to welcome the customers of County Bank as valued customers of Westamerica Bank,” said David Payne, chairman, president and chief executive officer of Westamerica.

Of the $1.2 billion in loans reported at Dec. 31, Westamerica agreed to be responsible for 20 percent of any loan losses with the FDIC responsible for 80 percent up to $269 million.

County Bank’s deposits totaled $1.3 billion. Westamerica has the option of purchasing or assuming leases on 39 branches of County Bank.

County Bank is the ninth bank to fail this year. The FDIC estimated the cost to the fund will be less with the Westamerica takeover than the other alternatives.

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Karol Watson, 20 year veteran of the banking community, joined Tamalpais Bank in Marin County as senior vice president and loan operations manager.

Previously she was with Wells Fargo and Greater Bay Bank, where she oversaw all aspects of loan operations.

Tamalpais Bank has been beefing up its commercial banking staff in the past year and a half to fit with its move to a more business bank model.

“Karol will help us to build a loan operations platform from which we can offer a broader range of products in the commercial and business banking markets,” said Larry Cretan, executive vice president and chief credit officer of the bank.

Meanwhile, Tracey Fleming, former assistant vice president, was promoted to vice president and marketing manager.

Ms. Fleming has been with the bank since 2007.

“Tracey has demonstrated independent leadership and success in the project management of important marketing initiatives since she arrived at our company,” said Mark Chapman, senior vice president and chief marketing officer.

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Chris Roach, former vice president and commercial loan officer at North Coast Bank, has taken a position as senior vice president and commercial loan officer at North Valley Bank.

With more than 29 years of banking experience, Mr. Roach brings experience in commercial lending, business development and relationship management.

Prior to his role at North Coast, he was part of the wine lending team at Silicon Valley Bank and was senior credit officer at Westamerica.

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Atlantic Pacific Bank headquartered in Sonoma County announced net income of $61,000 for the fourth quarter of 2008.

The bank took a loss of $215,000 for the year, with total assets reported at $54.8 million at year end. That is a 21 percent change from the $42.7 million reported at the end of 2007. Net loans were up 22.6 percent from the year before, reaching $37.1 million at year end.

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Napa Community Bank reported total assets to be $149.1 million at the end of 2008, an increase of $17.6 million from the year before. The year’s net income was reported to be more than $1.2 million. Loans grew 30 percent to $130.2 million while deposits grew as well from the same time the year before.

President Dennis Pedisich said, “We are proud to report that despite the difficult economy, Napa Community Bank remains a safe, secure and stable source for all your deposit and lending needs.”

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Submit items for this column to Jenna V. Loceff at jloceff@busjrnl.com, 707-521-4259 or fax 707-521-5292.