Jan 20, 2016 6:45 PM by News Staff
Redding Bank of Commerce has been given the green light from state and federal regulators to acquire five Bank of America branches in Northern California.
Bank of Commerce Holdings, parent company of Redding Bank of Commerce, announced Wednesday that the bank received regulatory approval from both the Federal Deposit Insurance Corporation and the California Department of Business Oversight to acquire five branches from Bank of America.
The branches being acquired are located in Corning, Orland, Willows, Colusa and Yreka.
According to a news release, terms of the purchase and assumption agreement provide for the bank to purchase certain assets of these branches, including approximately $258 million in deposits and $421 thousand in loans.
Employees working at these locations will be hired by Redding Bank of Commerce, which has $1 billion in assets.
Randall S. Eslick, president and chief executive officer of Bank of Commerce Holdings, said the transition for customers and employees should be seemless.
"We are very excited to move forward with this acquisition," Eslick said. "It has been our goal to expand our footprint and we are eager to welcome our new customers and employees. We look forward 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."
Conversion of the five branches will occur after close of business March 11 with the branches reopening as Redding Bank of Commerce the following Monday.
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