People’s Bank of Commerce (PBCO) and Willamette Community Bank (WMCB) have received all necessary shareholder and regulatory approvals for their merger, effective March 1, 2021. WMCB shareholders must submit their Election Statements by 5:00 PM PST on February 22, 2021, to select their merger consideration. CEO Ken Trautman expressed enthusiasm about welcoming WMCB shareholders into the PBCO family. This merger could potentially enhance PBCO's market presence in Southern Oregon, aligning both banks' full-service offerings to better serve their communities.
People’s Bank of Commerce (PBCO) and Willamette Community Bank (WMCB) announced the approval of their merger at special shareholder meetings on February 11, 2021. The merger, as outlined in the Merger Agreement, will have Willamette Community Bank merging into People’s Bank of Commerce, which will survive the merger. The finalization of the merger is contingent on obtaining regulatory approval and meeting customary closing conditions. CEO Ken Trautman expressed optimism about the potential synergies arising from this consolidation.
People’s Bank of Commerce (PBCO) and Willamette Community Bank (WMCB) announced an increase to the merger consideration, now valued at $20.7 million, or $11.16 per share. WMCB shareholders opting for mixed stock and cash will receive 0.6665 PBCO shares plus $1.70 in cash. The revised offer represents approximately 100.8% of WMCB’s tangible book value as of December 31, 2020. Both banks will hold special shareholder meetings on February 11, 2021, to discuss the merger, which is subject to shareholder and regulatory approval.