BayCom in Walnut Creek, Calif., is expanding in New Mexico with an agreement to buy Bethlehem Financial for $23.5 million in stock.
The deal is expected to increase BayCom’s presence in the Albuquerque, N.M., metro area and provide entry into other nearby communities, the companies said in a press release Monday.
The $157 million-asset Bethlehem Financial, of Belen, N.M., has five branches through its MyBank subsidiary in three central New Mexico counties, in addition to $79 million of loans and $136 million of deposits. BayCom has one branch in Albuquerque.
The combined company would have 22 branches in California, Washington and New Mexico.
BayCom has bought five banks since October 2011 and recently raised
Gary Steven Findley & Associates and the Findley Group provided legal services to BayCom while FIG Partners provided investment banking services and a fairness opinion. Gerrish Smith Tuck provided legal services to Bethlehem and Vining Sparks was its investment banker and gave a fairness opinion.