Nano Financial Holdings has inked an agreement to acquire Commerce Bank of Temecula Valley (CKTM) in Southern California for approximately $23.3m.
Under the terms of the agreement, CKTM shareholders will have the right to receive $14.41 per share in cash or stock of Nano Financial Holdings.
The transaction, which marks the first acquisition by Nano Financial, is subject to shareholder and customary approvals. The deal has been approved by the board of directors of Commerce Bank of Temecula Valley.
Nano Financial CEO Mark Rebal said: “Our team has built a significant following among middle market companies, so we know we are on track to attract significant core deposits and loans for CBTV. We’ve come together to create a new standard for premier business banking for Southern California’s mid-market companies.”
Commerce Bank of Temecula Valley CEO Scott Andrews said: “I believe we have found the right strategic partner with Nano Financial Holdings, Inc. The management team has a track record of success in serving Southern California’s business community. The merger will have a positive impact on our staff and customers of the bank and rewards our shareholders.”
Nano Financial Holdings was founded in 2017 as a special purpose acquisition company and is based in Irvine, California.