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Northern California National Bank announced the completion of a cash tender offer, which expired on July 9, 2021. Investors acquired approximately 94.1% of the outstanding shares. Following this, a 50,000-for-1 reverse stock split was approved, resulting in cash compensation of $33.07 per share for fractional interests. The stock transfer records will be closed during the reverse stock split. Piper Sandler & Co. advised NorCal, while legal counsel was provided by Kirton McConkie, PC and Manatt, Phelps & Phillips, LLP. The bank has been operating since March 2006 in Chico, CA.
Northern California National Bank announced an agreement for a tender offer to acquire 100% of its shares for $33.07 each, representing a 61% premium over the closing price on March 5, 2021. This deal implies an aggregate consideration of approximately $50 million to the shareholders. The transaction is subject to regulatory approval and requires at least 67% of shares to be tendered. Current CEO Todd Lewis will continue in his role post-acquisition, maintaining the Bank's commitment to customer service and community support.
