Bank of Commerce Holdings, a $1bn asset bank holding company and parent company of Redding Bank of Commerce (the “Bank”), today announced that the Bank received regulatory approval from both the Federal Deposit Insurance Corporation and the California Department of Business Oversight to acquire five branches from Bank of America located in northern California.
Terms of the Purchase and Assumption Agreement provide for the Bank to purchase certain assets of these branches, including approximately $258 million in deposits and $421 thousand in loans.
The branches that will be acquired are located in Colusa, Corning, Orland, Willows, and Yreka. Both banks will be working closely together to ensure a smooth transition for customers, as well as employees working at these locations being hired by Redding Bank of Commerce.
"We are very excited to move forward with this acquisition. It has been our goal to expand our footprint and we are eager to welcome our new customers and employees. We look forward to earning the business of our new customers by providing them a high level of service and by playing an active and supportive role in their communities. We will dedicate all the necessary resources to effect a smooth and successful integration," stated Randall S. Eslick, President and Chief Executive Officer.
Conversion of the five branches will occur after close of business on Friday, March 11, 2016. The branches will reopen as Redding Bank of Commerce on Monday, March 14, 2016.