84°
Sunny
FRI
 94°
 54°
SAT
 88°
 54°
SUN
 84°
 55°
MON
 86°
 57°
TUE
 85°
 57°

Bank of Marin finalizes East Bay purchase

Bank of Marin announced the completion of its $34.5 million acquisition of Bank of Alameda on Monday, expanding its presence into the East Bay.

The Novato bank's parent company, Bank of Marin Bancorp, issued 402,000 shares of stock and $16 million in cash to acquire NorCal Community Bancorp, the parent company of Bank of Alameda.

The deal adds approximately $230 million in deposits and $170 million in loans to Bank of Marin. The bank now has more than $1.7 billion in assets and operates 21 offices in five counties including Alameda, San Francisco, Marin, Sonoma and Napa.

"We are well positioned to move forward together as a trusted community bank, bringing an expanded line of products and services to new and existing customers," Russell A. Colombo, Bank of Marin's president and CEO, said in a statement.


comments powered by Disqus
© The Press Democrat |  Terms of Service |  Privacy Policy |  Jobs With Us |  RSS |  Advertising |  Sonoma Media Investments |  Place an Ad
Switch to our Mobile View