In Brief: Calif. Business Bank To Buy MCB for $29M

SAN RAFAEL, Calif. — MCB Financial Corp., the $226.3 million-asset holding company for Metro Commerce Bank, said Thursday that it has agreed to be acquired by San Bernardino, Calif.-based Business Bancorp, the $340 million-asset corporate parent of the Business Bank of California, in a stock deal valued at $29 million.

Structured as a merger of equals, the transaction’s exchange ratio is set at 1.1763 share of Business Bancorp stock for each MCB share. MCB shareholders would get 1,871,000 new shares of Business Bancorp stock, bringing the total outstanding to 3,898,000.

Upon the deal’s closing, which is expected in the fourth quarter, the combined holding company is to be named Business Bancorp. It would have about $582 million of assets.

Business Bancorp’s president and chief executive officer, Alan J. Lane, is to be CEO of the new holding company and would be president of the bank subsidiary, Business Bank of California.

MCB’s president and CEO, Charles O. Hall, is to be president and chief operating officer of the new holding company and CEO of the bank subsidiary.

After the deal’s closing, the holding company’s headquarters would be in San Rafael and the subsidiary bank’s headquarters in San Bernardino. The company would have 10 branches in the Inland Empire region and five in the San Francisco Bay area.