Bank of Commerce Holdings Completes Acquisition of Merchants Holding Company and Announces New Director
February 01 2019 - 6:00AM
Bank of Commerce Holdings (“BOCH”) (NASDAQ: BOCH), the
holding company for Redding Bank of Commerce (“RBC”), announced
today the successful completion of the previously announced
acquisition of Merchants Holding Company (“Merchants”), the parent
company of The Merchants National Bank of Sacramento (“Merchants
Bank”). The former branches of Merchants Bank are now operating as
branches of RBC and increase RBC’s footprint in the vibrant
Sacramento market.
“We are excited to welcome the customers,
employees, and shareholders of Merchants and will continue to
deliver the superior customer service to which they have become
accustomed,” said Randall S. Eslick, President and Chief Executive
Officer of BOCH. “We’re pleased to be able to complete this
transaction in just under four months after announcement and have
already made significant progress in integrating the two
organizations.”
With the addition of Merchants, on a pro forma
combined basis, BOCH would have had total assets of approximately
$1.5 billion, total loans outstanding of approximately $1.0 billion
and total deposits of approximately $1.3 billion as of December 31,
2018 (unaudited).
In connection with the acquisition, Mr. David J.
Inderkum, a director of both Merchants Bank (since 2003) and
Merchants (since 2008), has been elected to the boards of directors
of both BOCH and RBC. Mr. Inderkum is the owner of Sacramento-based
Coast Line Supply and Equipment Company, a provider of winery and
beverage supplies and equipment, he is the President/Chairman of
the Board of Sportsmen’s Legacy Foundation, and he is an active
member of The Sutter Club. “Mr. Inderkum’s business acumen and
civic engagement will be valuable assets as a director, and we
believe that his skills will complement those of our existing
directors very well,” stated Mr. Eslick.
Raymond James & Associates, Inc. served as
financial advisor, and Miller Nash Graham & Dunn LLP served as
legal counsel to BOCH in the transaction. D.A. Davidson & Co.
served as financial advisor, and Lewis Brisbois Bisgaard &
Smith LLP served as legal counsel to Merchants in the
transaction.
About Bank of Commerce
Holdings
BOCH is a bank holding company headquartered in
Sacramento, California and is the parent company for RBC which
operates under two separate names (Redding Bank of Commerce and
Sacramento Bank of Commerce, a division of Redding Bank of
Commerce). RBC is an FDIC-insured California banking corporation
providing community banking and financial services through twelve
locations located in northern California. RBC was incorporated as a
California banking corporation on November 25, 1981 and opened for
business on October 22, 1982. BOCH’s common stock is listed on the
NASDAQ Global Market and trades under the symbol “BOCH.”
Contact Information:
Randall S. Eslick, President and Chief Executive Officer
Telephone Direct (916) 677-5800
James A. Sundquist, Executive Vice President and Chief Financial Officer
Telephone Direct (916) 677-5825
Samuel D. Jimenez, Executive Vice President and Chief Operating Officer
Telephone Direct (530) 722-3952
Andrea M. Newburn, Vice President and Senior Administrative Officer / Corporate Secretary
Telephone Direct (530) 722-3959
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