Bay Commercial Bank in Walnut Creek, Calif., has agreed to buy First ULB in Oakland, Calif.
The $653 million-asset Bay Commercial said in a press release Thursday that it will pay about $38 million in cash and stock for the $447 million-asset parent of United Business Bank. The deal is expected to close in the second quarter.
Bay Commercial said it will form a holding company, BayCom, to merge with First ULB.
"This merger represents a transformational point in the history of both institutions," George Guarini, Bay Commercial's president and CEO, said in the release. "The combined institution will include 18 offices extending our market reach to new markets of San Francisco, Sacramento, Long Beach, Glendale, Los Angeles, Seattle and Albuquerque."
Bay Commercial was advised by Gary Steven Findley & Associates and The Findley Group; Vining Sparks provided a fairness opinion. First ULB was advised by Hogan Lovells and FIG Partners.