Originally published at www.seclive.com
Filing in Focus: Bank of Marin 8-K, December 2, 2013
Bank of Marin Bancorp (NASDAQ:BMRC) has completed the merger of NorCal Community Bancorp, the parent company of Bank of Alameda, into Bank of Marin. The stock and cash transaction, valued at $34.5M, was completed by BMRC issuing 402,000 shares of its stock plus $16.0M cash for all outstanding shares of NorCal. The closing of the transaction adds roughly $230M in deposits and $170M in loans, bringing its total asset value up to $1.7B. This merger will be accretive immediately to BMRC earnings, increasing shareholder value. Bank of Marin Bancorp President and CEO Russell Colombo said that the company looks forward to moving ahead as one team to serve and maximize value to its customers.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.