Approval Granted for Major Merger Between CBC Bancorp and Bay Community Bancorp

Shareholders endow their support for the acquisition.

IRVINE, Calif. and OAKLAND, Calif., Oct. 11, 2024 /PRNewswire/ — CBC Bancorp, the parent company of Commercial Bank of California (CBC), and Bay Community Bancorp CBOBA, the parent company of Community Bank of the Bay (CBB), announced today that both companies’ shareholders have approved the proposed acquisition. Under this agreement, CBC Bancorp will buy Bay Community Bancorp for an all-cash purchase price of $14.00 per common share, in accordance with the May 20, 2024 Agreement and Plan of Merger.

“We appreciate the backing of our shareholders for endorsing this merger,” stated Ash Patel, chairman, CEO, and president of Commercial Bank of California. “Achieving shareholder approval was critical for this transaction, and now that we have crossed that milestone, we anticipate a smooth closing process.”

Following the acquisition, Community Bank of the Bay will become a privately held institution with a limited number of shareholders, meaning its shares will no longer be available for public trading. CBB will continue to operate as a division of Commercial Bank of California moving forward.

“We are looking forward to our future together, creating a meaningful community bank that serves across California,” expressed William Keller, CEO of Community Bank of the Bay.

About Commercial Bank of California
CBC is a full-service financial institution catering to the business and professional sectors of Los Angeles and Orange counties. Recognized by BauerFinancial, Inc. as a “Four-Star Excellent Bank” for its robust financial stability, CBC combines the expertise of a major bank with a commitment to personalized service. The institution emphasizes community reinvestment and has been named one of So Cal’s Best Places to Work in both 2022 and 2023. More information can be found at www.cbcal.com.

About Community Bank of the Bay
Bay Community Bancorp CBOBA is the parent of Community Bank of the Bay, a commercial bank serving the San Francisco Bay Area with full-service locations in Oakland, Danville, San Mateo, and San Jose. This bank targets the financial demands of closely held businesses, professional service firms, their operators, and non-profit organizations in the Bay Area. Community Bank of the Bay is also a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution. As the first FDIC-insured certified Community Development Financial Institution in California, the bank promotes sustainable lending through initiatives like the Bay Area Green Fund. Visit www.BankCBB.com for more information.

This report contains “forward-looking statements” as defined by the Securities Act of 1933 and the Securities Exchange Act of 1934. While CBC believes these expectations are reasonable, they cannot guarantee that they will be met. Factors such as interest rate fluctuations, inflation, government regulations, and economic competition could influence actual results.

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SOURCE CBC Bancorp