Bank of Commerce Holdings (NASDAQ: BOCH) (the “Company”), a $991 million asset bank holding company and parent company of Redding Bank of Commerce, today announced that Redding Bank of Commerce has entered into a Purchase and Assumption Agreement with Bank of America to purchase certain assets of five Bank of America branches located in northern California, including approximately $258 million in deposits and $421 thousand in loans. The transaction is anticipated to close in the first quarter of 2016, pending final regulatory approvals.
The branches that will be acquired are located in Colusa, Corning, Orland, Willows, and Yreka. Both banks will be working closely together to ensure a smooth transition for customers and employees working at these locations being hired by Redding Bank of Commerce.
“We are very excited about this opportunity to expand our footprint and we look forward to welcoming our new employees and customers. These additional branches along the Interstate 5 corridor are in proximity to our existing locations in Redding and Roseville. We are committed to earning the business of our new customers by providing them a high level of service and by playing an active and supportive role in their communities. We will dedicate all the necessary resources to effect a smooth transition and successful integration,” stated Randall S. Eslick, President and Chief Executive Officer.
Mr. Eslick continued, “We intend to use the new deposits to reposition and improve the bank’s current funding mix by replacing certain higher cost borrowings and deposits, and to support future loan growth.”
About Bank of Commerce Holdings
Bank of Commerce Holdings is a bank holding company headquartered in Redding, California and is the parent company for Redding Bank of Commerce which operates under two separate names (Redding Bank of Commerce and Sacramento Bank of Commerce, a division of Redding Bank of Commerce). The Bank is an FDIC insured California banking corporation providing commercial banking and financial services through four offices located in Northern California. The Bank opened on October 22, 1982. The Company’s common stock is listed on the NASDAQ Global Market and trades under the symbol “BOCH.”◄