CBC Bancorp and Bay Community Bancorp announced that the FDIC has approved their proposed merger transaction. CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per share. The deal has received approvals from the FDIC, California Department of Financial Protection and Innovation, and a Federal Reserve waiver. Following the acquisition, Community Bank of the Bay will transition to a privately held bank as a division of Commercial Bank of California, and its shares will no longer be publicly traded.
CBC Bancorp and Bay Community Bancorp (OTC Pink: CBOBA) have announced that shareholders of both organizations have approved the proposed acquisition and merger transaction. Under the agreement, CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per common share of Bay Community Bancorp, subject to certain conditions outlined in the May 20, 2024 Agreement and Plan of Merger.
This shareholder approval marks a significant milestone in completing the transaction. Following the acquisition, Community Bank of the Bay will transition to a privately held bank owned by a number of shareholders, and its shares will no longer be publicly traded. CBB will remain a division of Commercial Bank of California for the long term.
CBC Bancorp, the holding company for Commercial Bank of California (CBC), is set to acquire Bay Community Bancorp, the holding company for Community Bank of the Bay (CBB), in an all-cash transaction valued at $14.00 per share. This merger combines institutions from two of California's largest banking markets, resulting in approximately $3.5 billion in combined assets. The acquisition is expected to close in late 2024 or early 2025, subject to regulatory and shareholder approvals. Post-acquisition, CBB will transition to a privately held bank under CBC, maintaining its name and operations in the San Francisco Bay Area. This union aims to enhance product offerings, community impact, and operational scale. Both institutions will benefit from increased investments and a shared commitment to community service and development.