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BayCom Corp Receives Final Regulatory Approval for Pacific Enterprise Bancorp Merger

November 24, 2021, 07:04 AM
Filed Under: Mergers & Acquisitions

BayCom Corp announced it has received all regulatory clearances for its proposed merger with Pacific Enterprise Bancorp (PEB). The Board of Governors of the Federal Reserve System and the California Department of Financial Protection and Innovation have provided final clearance for the pending merger of BayCom Corp and PEB, as well as the merger of PEB’s bank subsidiary, Pacific Enterprise Bank, into BayCom’s bank subsidiary, United Business Bank.

The merger between BayCom and PEB will further strengthen BayCom’s presence in Southern California by expanding its branch network in Orange County while setting the stage for taking advantage of additional partner opportunities available in the future. BayCom anticipates this transaction will be accretive to earnings (before merger costs) and tangible book value in the first year of combined operations.

The completion of the merger remains subject to the satisfaction of certain routine and customary closing conditions and approval by BayCom’s and PEB’s shareholders, who will vote on the proposed merger at their respec
The respective Boards of Directors of BayCom and PEB have previously approved the Agreement and Plan of Merger between BayCom and PEB. As previously announced, PEB shareholders will be entitled to receive 1.0292 shares of BayCom common stock for each share of PEB common stock they own. The exchange ratio is fixed, and the transaction is expected to qualify as a tax-free exchative special meetings scheduled for Dec. 13.
nge for PEB’s shareholders.

BayCom, through its wholly owned operating subsidiary, United Business Bank, offers a full range of loans, including SBA, FSA and USDA guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington, New Mexico and Colorado. United Business Bank also facilitates tax-free exchanges through its Bankers Exchange Division.

Equipment Finance Advisor reported the planned merger in September.

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