CBC Bancorp Announces the Acquisition of Bay Community Bancorp

PR Newswire
Monday, May 20, 2024

"CBC Bancorp, the holding company for Commercial Bank of California (CBC), announces it has entered into a definitive acquisition agreement with Bay Community Bancorp (OTC Pink: CBOBA), the holding company for Community Bank of the Bay (CBB). Under the terms of the agreement, CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per common share. This acquisition merges institutions from two of California's largest banking markets, resulting in approximately $3.5 billion in combined assets.

'The alignment of our two institutions will create a unique banking franchise that better serves our employees and clients,' said Ash Patel, chairman of the board, CEO and president of Commercial Bank of California. 'Once we combine our two reputable banking platforms, it will create a transformative business bank with expanded product offerings driven by the purpose to serve our communities across California.'"