A small Northern California bank doubled its size last week after completing the acquisition of four Bank of America branches.
Six Rivers National Bank, a seven-year-old bank headquartered in Eureka, now has eight branches in Northern California and $180 million of assets. With the $6.3 million acquisition, Six Rivers gains about 15,000 customers and $70 million of deposits, according to president and chief executive officer John F. Burger.
"We are very excited," said Mr. Burger. "This gives us an opportunity to serve a wider element of customers on the North Coast." He added that Six Rivers retained all but two of the 35 former Bank of America employees who worked in the branches and that these two left on their own.
To finance the acquisition, Six Rivers sold 750,000 shares of stock in an initial public offering last month. Six Rivers is also forming a holding company, which is expected to be in place in early 1998.