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Columbia Banking System completed its acquisition of Bank of Commerce Holdings, marking its first physical presence in California. Bank of Commerce shareholders received 0.40 shares of Columbia for each share held, totaling approximately $256 million in stock. Post-acquisition, Columbia Bank holds over $20 billion in assets and 150 branches across four states. CEO Clint Stein expressed excitement about this expansion, enhancing the bank's regional presence. Columbia plans to support local businesses with $500,000 as part of its Pass It On Project, aiding recovery from recent challenges.
Columbia Banking System, based in Tacoma, Washington, has announced a quarterly cash dividend of $0.30 per common share, scheduled for payment on October 27, 2021. This marks an increase from the previous dividend of $0.28 per share. Shareholders of record must hold shares by the close of business on October 13, 2021. Columbia Banking is known for its strong performance, having been recognized for customer satisfaction and as one of Washington's Best Workplaces.
Columbia Banking System and Bank of Commerce Holdings have received final approval for their merger, with 98% of Bank of Commerce's shareholders voting in favor. The merger, first announced on June 23, 2021, will finalize around October 1, 2021. This partnership aims to enhance services for clients and expand market solutions. Columbia's leadership expressed confidence in a seamless integration, while Bank of Commerce anticipates broadening their offerings post-merger. Both organizations are committed to enhancing customer experience and operational efficiency.
Columbia Banking System (COLB) and Bank of Commerce Holdings (BOCH) announced the approval of their merger after receiving regulatory nods and overwhelming shareholder support. As of September 21, 2021, 98% of Bank of Commerce shareholders voted in favor, constituting over 63% of outstanding shares. The merger, initially disclosed on June 23, 2021, is slated for completion around October 1, 2021. Columbia's CEO highlighted effective collaboration between teams, while Bank of Commerce's CEO expressed enthusiasm for expanding client solutions.
Bank of Commerce Holdings (NASDAQ: BOCH) has announced a cash dividend of $0.06 per share for the third quarter of 2021. This dividend will be paid to shareholders of record as of September 15, 2021, with a payment date set for September 29, 2021. The company, which holds assets totaling $1.917 billion, is also in the process of merging with Columbia Banking System, Inc., expected to conclude in the fourth quarter of 2021, subject to required approvals.
Bank of Commerce Holdings (NASDAQ: BOCH) reported a net income of $4.1 million for Q2 2021, up 8% year-over-year, with earnings per share increasing to $0.25. For the first half of 2021, net income rose 90% to $9.1 million. The company announced a merger with Columbia Banking Systems, expected to close in Q4 2021. Deposits grew by $83 million in Q2, while net interest income saw a slight increase. However, net interest margin fell to 3.16%. Nonperforming assets decreased significantly, reflecting improved asset quality.
Columbia Banking System (NASDAQ: COLB) announced its merger with Bank of Commerce Holdings (NASDAQ: BOCH) valued at approximately $266 million, or $15.72 per share. This strategic move marks Columbia's entry into California, expanding its assets to $19 billion across over 150 branches. The merger is projected to be accretive with 3% EPS growth in 2022 and 4% in 2023. Bank of Commerce shareholders will receive 0.40 shares of Columbia stock per BOCH share. The transaction is expected to close in Q4 2021, pending approvals.
Columbia Banking System (NASDAQ: COLB) has signed a definitive agreement to merge with Bank of Commerce Holdings (NASDAQ: BOCH) in an all-stock transaction valued at approximately $266 million, or $15.72 per share, marking Columbia's entry into the California market. The merger is expected to yield 3% and 4% earnings per share accretion in 2022 and 2023, respectively. Combined, they will operate over 150 branches and possess $19 billion in assets across Washington, Oregon, Idaho, and California. The transaction awaits regulatory and shareholder approval, expected to close in Q4 2021.
Bank of Commerce Holdings (NASDAQ: BOCH) has declared a cash dividend of $0.06 per share for the second quarter of 2021. This dividend will be paid to shareholders of record as of June 29, 2021, with a payment date of July 9, 2021. The company, which operates as the parent of Merchants Bank of Commerce, holds assets totaling $1.829 billion and provides financial services in northern California.
Bank of Commerce Holdings (NASDAQ: BOCH) reported its financial results for Q1 2021, achieving a net income of $4.9 million ($0.29 per share), a substantial increase from $916 thousand ($0.05 per share) in Q1 2020. Key highlights include a $71 million rise in deposits and a $19 million gain in loans, reversing previous declines. Nonperforming assets dropped by 44% to $3.9 million, showing improved asset quality. Notably, net interest margin remained stable at 3.46%, though net interest income fell 1% to $14.4 million compared to the prior quarter. The company anticipates continued profitability as economic conditions improve.