Greater Bay Bancorp, Palo, Alto, Calif., is buying Pacific Business Funding Corp., Cupertino, Calif., in a $10 million stock swap.
Greater Bay, with $1.5 billion of assets , said the deal dovetails with its strategy of acquiring complementary businesses in the Bay Area.
Pacific Business Funding is an asset-based lending and factoring company. Its president, William D. Chronert, and executive vice president Kevin M. O'Hare would join Greater Bay's senior management team.
The deal, announced last week, has received all regulatory approvals and is expected to close next week. It will be accounted for as a pooling-of- interests and become immediately accretive to earnings after one-time transaction-related expenses, Greater Bay officials said.