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FNB Bancorp (FNBG) in South San Francisco is expanding into the East Bay with a deal to acquire Valley Community Bank in Pleasanton.
May 23 -
Valley Community Bank's biggest shareholder has gone public with his objection to the Pleasanton, Calif., bank's sale to FNB Bancorp in San Francisco.
October 3
Bay Commercial Bank in Walnut Creek, Calif., has stepped in to outbid a rival to buy Valley Community Bank in Pleasanton, Calif.
The $503 million-asset Bay Commercial will pay $7.8 million in stock for the $130 million-asset Valley, based on the price per share and amount of stock outstanding, and will assume the seller's outstanding noncumulative preferred stock. The acquisition is expected to close in the first quarter.
Valley
The FNB offer
Bay Commercial and Valley did not disclose in a press release Monday if Valley had to pay a termination fee to FNB.
Bay Commercial was advised by Gary Steven Findley & Associates and The Findley Group. Valley was advised by Bryan Cave and Monroe Financial Partners, the same firms that advised it during the original agreement with FNB.