Bank of Marin is acquiring American River Bank for $134m to expand its Northern California footprint.
American River Bank has ten branches across the Greater Sacramento, Amador and Sonoma County regions. As of end March, American River has assets of $916.1m, total deposits of $789m, and total loans of $476m.
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The transaction is expected to close in the third quarter of 2021. Upon closing, the bank will have approximately $4.0bn in assets and operate 31 branches in ten counties.
Founded in 1990 and headquartered in Novato, Bank of Marin currently operates 21 branches and 7 commercial banking offices.
Bank of Marin provides commercial banking, retail banking, specialty lending and wealth management and trust services.
“This brings together two exceptional institutions that share complementary values and disciplined fundamentals. Bank of Marin will be able to expand its franchise by delivering the same legendary service that is the hallmark of a community bank on a regional scale, “says Russell Colombo, President and CEO.
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By GlobalDataQ1 2021 net income rises 24%
For the three months to end March, the bank posted net income of $8.95m. This is up 24% from $7.2 m in the year ago quarter.
Colombo adds: “Bank of Marin delivered steady, reliable results throughout 2020. It reflects our sound underwriting and commitment to relationship banking.
“Our first quarter results in 2021 reinforced that consistency. Our credit quality is strong, and we are poised to grow as the economy reopens and our markets gain momentum.”
Deposits grew by 15% y-o-y to $2.66bn. Less positive metrics include a rise in the cost-income ratio from 56.8% a year ago to 62.1%.
