WALNUT CREEK, Calif., Nov. 06, 2017 (GLOBE NEWSWIRE) -- BayCom Corp (OTC:BCML) announced today the successful acquisition of Plaza Bank, Seattle, Washington by BayCom Corp and the merger of Plaza Bank with and into BayCom Corp’s wholly-owned subsidiary, United Business Bank, effective after close of business on Friday, November 3, 2017. The final price per share paid by BayCom Corp is $1.62 (based upon the closing price of BayCom Corp on November 3, 2017) consisting of 0.084795 shares of BayCom Corp common stock for each share of Plaza Bank’s common stock.
“We at Plaza Bank are pleased and excited about becoming a part of BayCom Corp and having the advantage of their size, number of branches, and diverse package of products and services to offer our clients. The merger has already had a very positive effect on the value of our shareholders’ investment,” said Donald M. Burton, Chairman of the Board, of Plaza Bank.
George Guarini, President and Chief Executive Officer of BayCom Corp and United Business Bank, said: “We are extremely pleased and proud to be able to announce the consummation of this acquisition. The addition of the downtown Seattle office diversifies our client base and provides a presence in the downtown market. We expect this to enhance our financial performance, capital growth and future expansion plans.”
Guarini stated “We welcome the clients, employees and shareholders of the former Plaza Bank and look forward to capitalizing on the strengths that each brings to our combined bank. The acquisition of Plaza Bank strengthens and enhances our presence in our existing market in Seattle, Washington.”
Guarini continued, “With this acquisition United Business Bank has total assets exceeding $1.2 billion, 19 offices and a capital base of more than $130 million.
About United Business Bank:
United Business Bank offers a full-range of loans, including SBA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates. The Bank also offers business escrow services and facilitates tax-free exchanges through its Bankers Exchange Division. It has nineteen full-service branches in California, Washington and New Mexico.
United Business Bank is a member of the FDIC and is an Equal Housing Lender. The Bank can be found on the web at www.unitedbusinessbank.com.
BayCom Corp has made forward-looking statements in this Press Release that are subject to risks and uncertainties. Forward-looking statements include information concerning BayCom Corp’s and United Business Bank’s possible or assumed future results of operations. Also, when BayCom Corp uses such words as “believe,” “expect,” “anticipate,” “plan,” “could,” “intend,” or similar expressions, it is making forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. BayCom Corp’s actual results could differ materially from those expressed in any forward-looking statements as a result of certain factors, including: (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the markets served by the entities, (4) other-than-expected credit losses due to adverse changes in the economy, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) unexpected difficulties in the post-merger integration, and (7) legal, tax and accounting changes. BayCom Corp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
United Business Bank
Chief Financial Officer and
Senior Executive Vice President