BayCom to enter Denver with TIG Bancorp acquisition
BayCom in Walnut Creek, Calif., has agreed to buy TIG Bancorp in Greenwood Village, Colo.
BayCom, the holding company for the $1.5 billion-asset United Business Bank, said in a press release Monday that it will pay $39.4 million in cash and stock for the parent of the $229 million-asset First State Bank of Colorado. The deal is expected to close in the fourth quarter.
First State has $146.2 million in loans and $198.4 million in deposits.
Excluding merger-related expenses, the deal should be accretive to BayCom's earnings in the first year of combined operations. It is expected to be accretive to BayCom's tangible book value in approximately three years.
“The merger will provide United Business Bank with a significant presence in Colorado, including entry into the attractive Denver and Colorado Springs markets," George Guarini, BayCom's president and CEO, said in the release. "We look forward to the prospects of establishing new relationships, enhancing our position in the market and building on an already strong foundation."
TIG previously agreed to be sold to PGC Bancorp, a newly formed holding company in Greenwood Village; that sale was terminated earlier this year.
BayCom was advised by Janney Montgomery Scott and Silver, Freedman, Taff & Tiernan. TIG was advised by Baird Holm and GLC Advisors. Tom Mecredy of Vining Sparks IBG issued a fairness opinion.