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Attendees at this year's D.A. Davidson Conference believe the approval process is calming down somewhat. Other bankers say they are looking to lower capital levels, with many showing an interest in deposit-rich franchises.
May 14 -
CVB Financial (CVBF) in Ontario, Calif., has agreed to buy America Bancshares in Newport Beach, Calif.
February 18 -
TriCo Bancshares (TCBK) in Chico, Calif., has agreed to buy North Valley Bancorp (NOVB) in Redding, Calif.
January 22
FNB Bancorp (FNBG) in South San Francisco is expanding into the East Bay with a deal to acquire Valley Community Bank in Pleasanton.
In addition, FNB has agreed to redeem the 5,775 shares Valley issued to the Treasury Department as part of the Troubled Asset Relief Program. The shares were issued at $1,000 each and the
FNB is the parent of the $901 million-asset First National Bank of Northern California, which has a dozen branches in San Francisco, San Mateo and Santa Clara counties. Its deal for the $139 million-asset Valley, announced Thursday, would give FNB two branches in the East Bay, in Livermore and Pleasanton, and another San Jose.
Under terms of the deal, Valley shareholders would receive roughly one-tenth of an FNB share for each share owned. The acquisition, which is set to close in the third quarter, is valued at $6.2 million based on FNB's closing stock price on Tuesday.
"This merger complements our recent expansion efforts into Sunnyvale, and establishes our presence in the East Bay, allowing us to better serve our existing customers and providing us access to areas where we have not previously had a physical presence," said Tom McGraw, chief executive of FNB, in a press release.
The deal would be FNB's second since 2012, when it bought the $169 million
FNB was advised by Western Financial and Dodd Mason George. Valley was advised by Monroe Financial Partners and Bryan Cave.
