SONOMA, Calif. -- Confirming an earlier letter of intent, Napa Valley Bancorp has signed a definitive agreement for the public sale of Sonoma Valley Bank's common stock, pending authorization from the California State Banking Department.
The Sonoma bank is majority-owned by Napa, which separately is to merge with West-america Bancorp. of San Rafael, Calif.
According to the agreement, the Sonoma bank's common stock will be sold through a combined secondary offering and new issue for an aggregate minimum of $3 million.
