Redding Bank of Commerce, a subsidiary of Bank of Commerce Holdings, has closed the acquisition of Bank of America’s five branches in northern California.
Following the acquisition, Redding Bank of Commerce operates with nine branches in northern California, including the five acquired branches in Colusa, Corning, Orland, Willows, and Yreka.
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The bank has assumed nearly $149m in deposits, $129 thousand in loans and $1.8m in fixed assets in the transaction.
Bank of Commerce Holdings said that it plans to utilise liquidity offered by the acquisition to redeem about $17.5m of brokered time deposits and to repay a Federal Home Loan Bank of San Francisco variable rate advance of $75m.
Bank of Commerce Holdings president and CEO Randall Eslick said: "We are eager to play an active and supporting role in our new communities and welcome them into the Redding Bank of Commerce family. We will use our new liquidity to reposition our funding mix and support loan growth."
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