California Bank of Commerce in Lafayette, Calif., has agreed to buy Pan Pacific Bank in Fremont, Calif.
The $473 million-asset California Bank of Commerce said in a press release Friday that it will pay about $24.3 million in cash and stock for the $147 million-asset Pan Pacific. The deal is expected to close either in the fourth quarter or the first quarter of 2016.
“We are excited about combining these two business banking franchises covering the San Francisco Bay Area,” Terry Peterson, California Bank of Commerce’s president and chief executive, said in the release. “Both banks have developed strong commercial banking relationships with successful middle-market businesses … [and] have built robust banking platforms and production capabilities, established low-cost deposit bases with significant focus on C&I lending.”
Hovde Group and Stinson Leonard Street advised California Bank of Commerce. Keefe, Bruyette & Woods and Manatt Phelps & Phillips advised Pan Pacific Bank.