BayCom Corp, the parent company of United Business Bank, announced it completed its previously announced acquisition of Pacific Enterprise Bancorp (PEB), headquartered in Irvine, CA, and the merger of Pacific Enterprise Bank, the bank subsidiary of PEB, into United Business Bank.
“We at Pacific Enterprise Bancorp are pleased and excited about becoming a part of BayCom and having the advantage of their size, number of branches, and diverse package of products and services to offer our clients. I am excited about joining the Board of Directors of United Business Bank,” said Dennis Guida, Chairman of the Board, of Pacific Enterprise Bancorp.
George Guarini, President and Chief Executive Officer of BayCom, said, “We are extremely pleased and proud to be able to announce the consummation of this acquisition. The transaction will expand both our presence in Orange County, California, and the breadth of our resources in the area of SBA and other government guaranteed lending products. We look forward to establishing new relationships, enhancing our position in the market and building on an already strong foundation. With this acquisition BayCom has grown to approximately $2.9 billion in total assets, $2.1 billion in total loans, $2.4 billion in total deposits and a capital base of more than $325.0 million. We expect to continue to find suitable acquisition candidates and look forward to the continued execution of our business strategy.
“We welcome the clients, employees and shareholders of the former Pacific Enterprise Bank and Pacific Enterprise Bancorp and look forward to continuing to make the Pacific Enterprise Bank story one that we are proud of.”
BayCom and United Business Bank were assisted by Dave Muchnikoff of Silver, Freedman, Taff & Tiernan LLP for legal services and Greg Gersack of Janney Montgomery Scott LLC served as financial advisor. PEB and Pacific Enterprise Bank were assisted by Joshua A. Dean of Sheppard Mullin Richter & Hampton LLP for legal services and Dan Pake of Hovde Group, LLC served as financial advisor.
Under the terms of the merger agreement, for each share of PEB common stock, each PEB shareholder will receive 1.0292 shares of BayCom’s common stock with cash to be paid in lieu of any fractional shares. PEB shareholders holding shares in street name will automatically receive shares of BayCom common stock within their accounts. PEB shareholders who hold their shares in certificated form will be mailed a letter of transmittal shortly containing instructions on how to exchange their PEB shares for BayCom shares.