BayCom Corp and Pacific Enterprise Bancorp (PEB) jointly announced that, at their respective special meetings of shareholders, they each received the necessary shareholder approval for the consummation of their planned merger. BayCom previously announced the receipt of all required bank regulatory approvals for the merger of BayCom and PEB, as well as the merger of PEB’s bank subsidiary, Pacific Enterprise Bank, into BayCom’s bank subsidiary, United Business Bank. The transaction is expected to close during the first quarter of 2022, subject to the satisfaction or waiver of certain closing conditions.

Upon completion of the merger, PEB shareholders will be entitled to receive 1.0292 shares of BayCom common stock for each share of PEB common stock they own. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchange for PEB’s shareholders.

Equipment Finance Advisor reported on the planned merger in September.