Westamerica Bank, a wholly-owned subsidiary of Westamerica Bancorporation, has signed an agreement with the Federal Deposit Insurance Corporation (FDIC) to purchase substantially all the assets and assume substantially all the liabilities of Sonoma Valley Bank.
The California Department of Financial Institutions declared Sonoma Valley Bank closed and appointed the FDIC as receiver.
On 30 June 2010, Sonoma Valley Bank reported deposits totaling $256m and loans totaling $241m. Westamerica Bank has assumed only the assets and liabilities of Sonoma Valley Bank.
Assets, liabilities, and common stock of Sonoma Valley Bank’s former parent company Sonoma Valley Bancorp have not been purchased or assumed by Westamerica Bank or Westamerica Bancorporation.
Westamerica Bancorporation chairman, president and CEO David Payne said that the bank will be working diligently with employees of the former Sonoma Valley Bank and the FDIC to ensure a smooth transition of customer accounts to Westamerica.
“Delivering superior customer service is our objective. Sonoma Valley Bank customers will benefit from Westamerica’s broader branch network throughout Northern and Central California, including our 10 branches in Sonoma County,” Payne said.