Bank of Marin Bancorp in Novato, Calif., has agreed to buy Bank of Napa in California.
The $2.1 billion-asset Bank of Marin said in a press release Tuesday that it will pay $51 million in stock for the $246 million-asset Bank of Napa. The deal is expected to close in the fourth quarter.
Bank of Napa has two branches, $218 million in deposits and $139 million in loans.
“This acquisition grows the Bank of Marin franchise by increasing our presence in Napa County, expanding our team of local, experienced bankers and adding quality commercial banking and deposit relationships,” Russell Colombo, Bank of Marin’s president and CEO, said in the release.
Bank of Marin said it expects the transaction to be immediately accretive to its earnings.
Bank of Marin was advised by Keefe, Bruyette & Woods and Stuart Moore Staub. Bank of Napa was advised by Sandler O’Neill and Manatt, Phelps & Phillips.