In Brief: 2 Northern Calif. Banks to Merge by Yearend

American River Holdings, Sacramento, Calif., said it signed a letter of intent on June 24 to acquire privately held Gold Country National Bank, Marysville, Calif., for $5.4 million in stock, or $11.49 a share.

American River Holdings, with $164.2 million of assets, is parent of American River Bank. It said Gold Country would operate as a subsidiary.

The deal value represents 2.36 times Gold Country's book value. American River would operate nine branches with $210 million of assets in Northern California. The transaction is expected to close in the fourth quarter

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER