WALNUT CREEK, Calif., May 01, 2017 (GLOBE NEWSWIRE) -- BayCom Corp (OTC:BCML) announced today the successful acquisition of First ULB Corp., headquartered in Oakland, California, by BayCom Corp and the merger of United Business Bank, FSB into Bay Commercial Bank, effective after close of business on Friday, April 28, 2017. BayCom Corp paid $29.55 per share (based upon the April 28, 2017 closing price of BayCom Corp), consisting of $13.50 in cash and 0.9733 shares of BayCom Corp common stock for each share of First ULB Corp.’s common stock. In conjunction with the acquisition, Bay Commercial Bank changed its name to United Business Bank.
“We at First ULB Corp. are pleased and excited about becoming a part of BayCom Corp and having the advantage of their size, number of branches, and diverse package of products and services to offer our clients. The merger has already had a very positive effect on the value of our shareholders’ investment,” said Malcolm Hotchkiss, Chairman of the Board, of First ULB Corp.
George Guarini, President and Chief Executive Officer of Bay Commercial Bank, said: “We are extremely pleased and proud to be able to announce the consummation of this acquisition. The addition of the eight offices brings three new markets, a stable deposit base and an SBA office in Los Angeles that we expect will enhance our financial performance, capital growth and future expansion plans.”
Guarini added, “We are also taking this opportunity to change the name of our Bank to United Business Bank. We had considered a name change for some time, since we were clearly expanding beyond the Bay Area. After considering numerous names including those suggested by our employees, we found a name that will transcend geographic boundaries and fits our business perfectly….United Business Bank. It shows not only commitment to our stated mission of expansion but also the fact that we believe in the brand of bank we are acquiring.”
Finally Guarini stated, “We welcome the clients, employees and shareholders of the former United Business Bank and First ULB Corp and look forward to continuing to making the Bay Commercial Bank story one that we are proud of. The acquisition of United Business Bank strengthens and enhances our presence in our existing markets in Northern California while expanding our reach into Southern California, Seattle, Washington and Albuquerque, New Mexico. With this acquisition the ‘new’ United Business Bank has total assets exceeding $1.1 billion, 18 offices and a capital base of more than $100 million.”
As part of the merger the Board of Directors of BayCom Corp was increased by three with the addition of Malcolm Hotchkiss and Rocco Davis from First ULB Corp. and the addition of Harpreet Chaudhary from Bay Commercial Bank. The Board of Directors of BayCom Corp now stands at eight.
BayCom Corp was assisted by Gary Steven Findley and Associates and The Findley Group for legal and investment banking services and Vining Sparks, LP provided the fairness opinion. First ULB Corp. was assisted by Hogan Lovells US LLP for legal services and FIG Partners for investment banking services and the issuance of a fairness opinion.
About United Business Bank, formerly named Bay Commercial Bank: United Business Bank (the “Bank”) offers a full-range of loan, including SBA and USDA guaranteed loans, and deposit products and services to businesses and their affiliates. The Bank also offers business escrow services and facilitates tax-free exchanges through its Bankers Exchange Division. It has eighteen full-service branches in California, Washington and New Mexico.
United Business Bank is a member of the FDIC and is an Equal Housing Lender. Effective May 1, 2017, the Bank can be found on the web at www.unitedbusinessbank.com .
BayCom Corp made forward-looking statements in this Press Release that are subject to risks and uncertainties. Forward-looking statements include information concerning the BayCom Corp’s possible or assumed future results of operations. Also, when the BayCom Corp uses such words as “believe,” “expect,” “anticipate,” “plan,” “could,” “intend,” or similar expressions, it is making forward-looking statements. Readers should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The BayCom Corp’s actual results could differ materially from those expressed in any forward-looking statements as a result of certain factors, including: (1) changes in interest rates, (2) significant changes in banking laws or regulations, (3) increased competition in the markets served by the entities, (4) other-than-expected credit losses due to adverse changes in the economy, (5) earthquake or other natural disasters impacting the condition of real estate collateral, (6) unexpected difficulties in the post-merger integration, and (7) legal, tax and accounting changes. The BayCom Corp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
Contact: BayCom Corp Keary Colwell, Chief Financial Officer and Executive Vice President (925) 476-1805 Email: kcolwell@bcb-ca.com
