Valley Comty Bk [Ca] (VCBC) 3.9800 $VCBC
Bay Commercial Bank and Valley Community Bank Announce Definitive Agreement to Merger of Valley Community Bank Into Bay Commercial Bank
GlobeNewswire - Mon Nov 10, 3:20PM CST
Bay Commercial Bank (OTCBB:BCML) and Valley Community Bank (OTCBB:VCBC), announced today that they have entered into a definitive agreement pursuant to which Valley Community Bank will be merged with and into Bay Commercial Bank for stock. Under the terms of the definitive agreement Bay Commercial Bank will pay $4.15 per share in stock for each outstanding share of Valley Community Bank. Bay Commercial Bank shares will be valued at the book value per share the month end prior to the closing of the transaction. Bay Commercial Bank has also agreed to assume the non-cumulative perpetual preferred shares of Valley Community Bank that are outstanding. The $4.15 price per share is subject to adjustments if the common shareholder equity of Valley Community Bank as defined in the definitive agreement is above $10.2 million or below $10.0 million the month end prior to closing. The total assets of the combined banks on a pro forma basis at September 30, 2014 are approximately $630.0 million. The transaction was unanimously approved by the boards of directors of both banks. Completion of the transaction is subject to regulatory and shareholder approvals, and other customary closing conditions. Following the successful completion of these steps, it is anticipated the transaction will close in the first quarter of 2015.
Bay Commercial Bank and Valley Community Bank Announce Definitive Agreement to Merger of Valley Community Bank Into Bay Commercial Bank
GlobeNewswire - Mon Nov 10, 3:20PM CST
Bay Commercial Bank (OTCBB:BCML) and Valley Community Bank (OTCBB:VCBC), announced today that they have entered into a definitive agreement pursuant to which Valley Community Bank will be merged with and into Bay Commercial Bank for stock. Under the terms of the definitive agreement Bay Commercial Bank will pay $4.15 per share in stock for each outstanding share of Valley Community Bank. Bay Commercial Bank shares will be valued at the book value per share the month end prior to the closing of the transaction. Bay Commercial Bank has also agreed to assume the non-cumulative perpetual preferred shares of Valley Community Bank that are outstanding. The $4.15 price per share is subject to adjustments if the common shareholder equity of Valley Community Bank as defined in the definitive agreement is above $10.2 million or below $10.0 million the month end prior to closing. The total assets of the combined banks on a pro forma basis at September 30, 2014 are approximately $630.0 million. The transaction was unanimously approved by the boards of directors of both banks. Completion of the transaction is subject to regulatory and shareholder approvals, and other customary closing conditions. Following the successful completion of these steps, it is anticipated the transaction will close in the first quarter of 2015.
