Embarcadero Bank said late Tuesday that it has agreed to buy Coronado First Bank.
The Coronado, Calif., banks will merge in a deal valued at $9.3 million, or $6.30 a share, according to a press release. Final pricing will be re-evaluated before closing, and Coronado's shareholders may opt for a combination of cash and stock.
The bank will have $156 million of assets when the deal is completed. The sale will boost capital by $17 million, the release said.
Maria Kunac, Embarcadero's president and CEO, will have the same roles at the combined bank. Bruce Ives, Coronado's president and CEO, will become chief operating officer.
