Two banks in Santa Cruz, Calif., are joining forces.
The $668 million-asset Santa Cruz County Bank said in a press release Friday that it will pay $68.9 million in stock for the $314 million-asset Lighthouse Bank. The deal is expected to close in the third quarter.
Santa Cruz County Bank will have seven branches in two counties when the deal closes. It will also have nearly 13% of the deposits in Santa Cruz County, based on mid-2018 data from the Federal Deposit Insurance Corp.
Four Lighthouse directors will join Santa Cruz County Bank's board. Jon Sisk, Lighthouse's president, will join Santa Cruz County Bank as a regional president.
Lane Lawson, Lighthouse's CEO, will retire when the sale is complete.
“Planning for the integration of these two banks is in progress and we expect to expeditiously realize the full value of the cost synergies we have identified,” William Hansen, Santa Cruz County Bank's chairman, said in the release.
FIG Partners and Gary Steven Findley & Associates advised Santa Cruz County Bank. Sandler O’Neill and Stuart Moore Staub advised Lighthouse Bank.
