CBC BANCORP & BAY COMMUNITY BANCORP ACHIEVE ANOTHER MAJOR MILESTONE IN PROPOSED MERGER
CBC Bancorp and Bay Community Bancorp announced that the FDIC has approved their proposed merger transaction. CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per share. The deal has received approvals from the FDIC, California Department of Financial Protection and Innovation, and a Federal Reserve waiver. Following the acquisition, Community Bank of the Bay will transition to a privately held bank as a division of Commercial Bank of California, and its shares will no longer be publicly traded.
CBC Bancorp e Bay Community Bancorp hanno annunciato che la FDIC ha approvato la loro proposta di fusione. CBC Bancorp acquisirà Bay Community Bancorp in un transazione interamente in contante del valore di $14,00 per azione. L'accordo ha ricevuto approvazioni dalla FDIC, dal Dipartimento della Protezione e Innovazione Finanziaria della California e da una deroga della Federal Reserve. Dopo l'acquisizione, Community Bank of the Bay diventerà una banca privata come divisione di Commercial Bank of California, e le sue azioni non saranno più quotate in borsa.
CBC Bancorp y Bay Community Bancorp anunciaron que la FDIC ha aprobado su propuesta de fusión. CBC Bancorp adquirirá Bay Community Bancorp en una transacción totalmente en efectivo valorada en $14,00 por acción. El acuerdo ha recibido aprobaciones de la FDIC, del Departamento de Protección e Innovación Financiera de California, y una exención de la Reserva Federal. Tras la adquisición, Community Bank of the Bay pasará a ser un banco privado como división de Commercial Bank of California, y sus acciones dejarán de cotizar públicamente.
CBC Bancorp와 Bay Community Bancorp는 FDIC가 그들의 제안된 합병 거래를 승인했다고 발표했습니다. CBC Bancorp는 주당 $14.00의 가치가 있는 현금 거래로 Bay Community Bancorp를 인수할 것입니다. 이 거래는 FDIC, 캘리포니아 금융 보호 및 혁신부, 그리고 연방준비제도의 면제를 받았습니다. 인수 후, Community Bank of the Bay는 Commercial Bank of California의 한 부서로서 사모은행으로 전환되며, 그 주식은 더 이상 공개 거래되지 않을 것입니다.
CBC Bancorp et Bay Community Bancorp ont annoncé que la FDIC a approuvé leur proposition de fusion. CBC Bancorp acquerra Bay Community Bancorp dans une transaction entièrement en espèces d'une valeur de 14,00 $ par action. L'accord a reçu des approbations de la FDIC, du Département de la Protection et de l'Innovation Financières de Californie, ainsi qu'une dérogation de la Réserve Fédérale. Après l'acquisition, la Community Bank of the Bay deviendra une banque privée comme division de la Commercial Bank of California et ses actions ne seront plus négociées publiquement.
CBC Bancorp und Bay Community Bancorp haben angekündigt, dass die FDIC ihre vorgeschlagene Fusion genehmigt hat. CBC Bancorp wird Bay Community Bancorp in einer komplett in Bargeld abgewickelten Transaktion im Wert von 14,00 $ pro Aktie erwerben. Der Deal hat Genehmigungen von der FDIC, dem Finanzministerium von Kalifornien und einer Ausnahmegenehmigung der Federal Reserve erhalten. Nach der Akquisition wird die Community Bank of the Bay als Tochtergesellschaft der Commercial Bank of California eine private Bank werden, und ihre Aktien werden nicht mehr öffentlich gehandelt.
- All-cash transaction offering $14.00 per share to Bay Community Bancorp shareholders
- Secured all necessary regulatory approvals for the merger
- Transaction is nearing completion with major milestones achieved
- Bay Community Bancorp (CBOBA) will be delisted and transition to private ownership
- Current CBOBA shareholders will lose ongoing equity participation in the combined entity
All Regulatory Agencies Have Approved the Proposed Merger
"We are grateful for the FDIC's diligence and professionalism in evaluating our application and approving this transaction," said Ash Patel, chairman of the board, CEO and president of Commercial Bank of
The acquisition of Bay Community Bancorp will transition Community Bank of the Bay to a privately held bank owned by a limited number of shareholders, and its shares will no longer be publicly traded. As a privately held bank, CBB will remain a division of Commercial Bank of
"We are excited at this latest milestone on the path to a bright future together through the creation of a purposeful community bank serving communities across
About Commercial Bank of
Commercial Bank of
About Community Bank of the Bay
Bay Community Bancorp (OTCPink: CBOBA) is the parent company of Community Bank of the Bay, a
This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein may constitute forward-looking statements. Although Commercial Bank of
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SOURCE CBC Bancorp
FAQ
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