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.