Suncrest Bank in Visalia, Calif., has agreed to buy Security First Bank in Fresno, Calif.
The $320 million-asset Suncrest said in a press release Friday that it will pay $18 million in cash and stock for the $105 million-asset Security First.
Suncrest also said it has agreed to sell about 680,000 shares of common stock to an affiliate of Castle Creek Capital Partners for $5.6 million, or $8.25 a share. The proceeds will be used to help fund the acquisition and for organic growth.
Steve Jones, Security First's president and CEO, will become Suncrest's chief operating officer.
MJC Partners and Grady & Associates advised Security First. King, Holmes, Paterno & Soriano provided legal advice to Suncrest Bank. MJC Partners also served as the placement agent for Suncrest's capital offering.
