Savings Bank of Mendocino County in Ukiah, Calif., is bulking up by combining with a local competitor.
The $753 million-asset Savings Bank announced late Friday that it has agreed to buy the $132 million-asset Bank of Willets. The price was not disclosed.
Savings Bank would add two branches in Mendocino County, bringing its total to 11.
Charles Mannon, the Ukiah bank's president, said in a press release that the two banks are "an excellent fit" for each other. They have many shareholders in common and similar ways of doing business. Both are more than 100 years old.
Savings Bank and Bank of Willits were highly capitalized at June 30; both had total risk-based capital ratios roughly double the number regulators require, according to their call reports.
The deal is expected to close in November.
