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October 21, 2019

Santa Cruz County Bank and Lighthouse Bank finalise merger

Santa Cruz County Bank, a California-based community lender, has wrapped up the previously announced merger with Lighthouse Bank.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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The all-stock deal, valued at nearly $68.87m, was announced this May.

For each share held, Lighthouse Bank shareholders are entitled to get a fixed exchange ratio of 0.5204 shares of Santa Cruz County Bank common stock.

The deal takes Santa Cruz County Bank’s total assets to approximately $1bn. The bank now has seven bank branches in Santa Cruz and Santa Clara Counties.

As part of the deal, Lighthouse Bank founding directors Craig French, John Burroughs, James Weisenstein and Stephen Pahl have gained seats on the Santa Cruz County Bank board.

Jon Sisk, the former president of Lighthouse Bank, has been named as the regional president of Santa Cruz County Bank.

Santa Cruz County Bank chairman William Hansen said: “We are thrilled to announce the completion of our merger with Lighthouse Bank. Today we welcome four talented individuals to our board, each of whom bring extensive knowledge and experience in community banking. We look forward to serving our community with our expanded team.”

Santa Cruz County Bank president and CEO David Heald stated: “The successful merger of our two top performing and nationally recogniszed financial institutions positions Santa Cruz County Bank as the largest community bank in the Monterey Bay Area.

“Our greater scale, expansion into Silicon Valley, and plans to expand into the Monterey County opens opportunities to compete for larger business relationships while meeting the expansion needs of our existing business relationships.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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