Greater Bay Bancorp, Palo Alto, Calif., announced plans to acquire San Francisco's Pacific Rim Bancorp. for an estimated $27.8 million of stock.
Greater Bay has agreed to pay 545,000 shares to Pacific Rim chairman Leo K.W. Lum. Pacific Rim is the parent company of Golden Gate Bank. Upon completion of the deal-expected around early July-Mr. Lum is expected to join Greater Bay's board of directors and assume 12% ownership of the $1.2 billion-asset company.