Exchange Bank (OTC: EXSR) today announced the signing of a purchase and sale agreement to acquire the American Trust and Savings Bank’s California Trust and Wealth Management business.
Image: Exchange Bank announces the acquisition of American Trust and Savings Bank’s California Trust and Wealth Management business. Photo: courtesy of rawpixel/Unsplash.com.
The purchase is subject to regulatory approval by the California Department of Business Oversight.
Joining Exchange Bank from American Trust and Savings Bank are Senior Trust Officer Cathleen Colgan and Trust Administrative Assistant Jill Solle. Both will continue to work from their San Mateo office where they will focus on the development of new client relationships within the advisory community.
“We believe the geographic expansion of our Trust & Investment Management department into the South Bay is a natural extension of our long-standing trust business,” said Gary Hartwick, president and CEO of Exchange Bank. “We are pleased to welcome Cathleen and Jill to the Exchange Bank family.”
Source: Company Press Release