BayCom, the holding company for United Business Bank (UBB), has signed an agreement to acquire Bethlehem Financial (BFC), the parent company of MyBank, for $23.5m.

The acquisition has already been approved by the boards of directors of both the entities.

It is expected to close in the fourth quarter of 2018, subject to customary closing conditions. This includes regulatory approval and BFC shareholder approval.

Once completed, MyBank, which has five branches in the New Mexico, will be merged into UBB expanding BayCom’s presence in the Albuquerque metropolitan area.

As a result, the combined company will have 22 branches across the US states of California, Washington and New Mexico. Total assets will benearly $1.5bn, $993m in total loans and $1.3bn in deposits.

Commenting on the acquisition, UBB CEO George Guarini said: “From a strategic perspective, this is a great fit. As a result, the transaction will provide United Business Bank with a significant presence in central New Mexico, expanding the breadth of our footprint and providing entry into several new markets.

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“We look forward to the prospects of establishing new relationships, enhancing our position in the market and building on an already strong foundation

BFC president and CEO R. Edward Robertson said: “We are very happy to join BayCom and believe our combination with United Business Bank will provide significant value to our shareholders, clients and employees.

“We also believe this is a natural fit which increases lending capabilities, expands capital resources and provides a more expansive product offering to the central New Mexico business community.”

In addition, BayCom expects the acquisition will be accretive to its earnings in the first year of combined operations.