Bank / Credit Union

CBC Bancorp acquires Bay Community Bancorp

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May 29, 2024

CBC Bancorp, the holding company for the Commercial Bank of California, inked an agreement to acquire Bay Community Bancorp, the holding company for Community Bank of the Bay. Under the agreement, CBC will purchase Community Bank in an all-cash transaction at $14 per common share, according to a press release.

With this acquisition, the combined bank will have approximately $3.5 billion in assets. In addition, Community Bank of the Bay will transition to a privately held bank by a limited number of shareholders. The bank will maintain its brand name.

"This transaction brings together two complementary institutions with long-standing ties to their communities, similar cultures and a relationship-based approach to banking," William Keller, CEO of Community Bank of the Bay, said in the release. "One of the many benefits of this combination is that the combined bank's greater scale will allow for increased investments in products and services that will directly benefit our clients and enhance productivity. This is the right move for the future of both institutions, and we're excited to work together."

"Our goal is to maintain the legacies of both banks and increase our collective impact," Mukhtar Ali, president and chief credit officer, Community Bank of California, said in the release. "It's important to everyone that management remains local to each of the branches. This approach has served both banks' clients, team members and communities very well, and we do not want to disrupt that."

The transaction is expected to close in late 2024 or early 2025, pending approvals.