Bank of Marin Bancorp wraps up acquisition of American River Bankshares
Bank of Marin Bancorp, the parent company of Bank of Marin, has wrapped up its previously announced $125 million acquisition of American River Bankshares, the owner of American River Bank.
Both the bank holding companies are based in California.
Bank of Marin is a business and community bank in the San Francisco Bay Area with 21 branches and seven commercial banking offices.
On the other hand, American River Bank, which is based in Sacramento, is a community bank that serves Northern California through 10 branches.
As of 31 March 2021, American River Bankshares held assets of $916.1 million, total deposits of $788.6 million, and loans of $475.4 million.
The deal was announced in April 2021. As per its terms, each share of American River Bankshares was exchanged for 0.575 shares of Bank of Marin Bancorp.
The enlarged Bank of Marin Bancorp will now have total assets of around $4 billion, total loans of $2.2 billion, and deposits of $3.5 billion as of 30 June 2021.
Russell A. Colombo — CEO of Bank of Marin Bancorp said: “Our two organizations share a commitment to exceptional customer service and dedication to our local communities that can now be amplified on a regional scale.
“As a nearly $4 billion bank, we have greater opportunity to grow assets, acquire talent, expand our footprint, and build infrastructure across a diversified geography.”