Latest Bank On IT Inc (BKOT) Headlines Bay C
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Posted On: 03/09/2014 1:59:16 AM
Latest Bank On IT Inc [Ca] (BKOT) Headlines
Bay Commercial Bank and Bank On It, Inc. Announce Definitive Agreement to Acquire Community Bank of San Joaquin
GlobeNewswire - Thu Jan 16, 1:58PM CST
Bay Commercial Bank (OTCBB:BCML) and Bank On It, Inc., (OTCBB:BKOT) parent company of Community Bank of San Joaquin, announced today that they have entered into a definitive agreement pursuant to which Bay Commercial Bank will acquire Community Bank of San Joaquin for approximately $4.8 million, less certain expenses and other adjustments. The total assets of the combined banks on a pro forma basis at September 30, 2013 are approximately $445.0 million. The merger is expected to be immediately accretive to book value and to earnings per common share. The transaction was approved by the Boards of Directors of both banks. Completion of the transaction is subject to regulatory and shareholder approvals. It is anticipated the transaction will close in the second quarter of 2014.
Bay Commercial Bank and Bank On It, Inc. Announce Definitive Agreement to Acquire Community Bank of San Joaquin
GlobeNewswire - Thu Jan 16, 1:58PM CST
Bay Commercial Bank (OTCBB:BCML) and Bank On It, Inc., (OTCBB:BKOT) parent company of Community Bank of San Joaquin, announced today that they have entered into a definitive agreement pursuant to which Bay Commercial Bank will acquire Community Bank of San Joaquin for approximately $4.8 million, less certain expenses and other adjustments. The total assets of the combined banks on a pro forma basis at September 30, 2013 are approximately $445.0 million. The merger is expected to be immediately accretive to book value and to earnings per common share. The transaction was approved by the Boards of Directors of both banks. Completion of the transaction is subject to regulatory and shareholder approvals. It is anticipated the transaction will close in the second quarter of 2014.
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