BayCom (BCML) to Merge With Pacific Enterprise Bancorp for $53.1M

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BayCom Corp (NASDAQ: BCML) the retentive consort for United Business Bank, and Pacific Enterprise Bancorp (“PEB”), the retentive consort for Pacific Enterprise Bank, declared together today the language of an Agreement and Plan of Merger (“Merger Agreement”) baritone which BayCom has united to take PEB in an all-stock dealings valued at roughly $53.1 meg or $17.78 per share, supported on the BayCom ordinary hit toll approaching toll of $17.28 per deal on Sept 3, 2021. The dealings module modify BayCom’s proximity in Southern California.

Under the outlay of the Merger Agreement, PEB module be merged with and into BayCom. The commendation also calls for the integration of Pacific Enterprise Bank with and into United Business Bank. Upon consummation of the merger, apiece PEB investor module obtain 1.0292 shares of BayCom ordinary hit in mercantilism for apiece deal of PEB ordinary stock. In total, PEB shareholders module possess roughly 22.4% of the unpaid shares of BayCom’s ordinary hit directly mass the consummation of the transaction.

At June 30, 2021, PEB had roughly $646.9 meg in assets, $568.7 meg in loans, $424.1 meg in deposits and $61.0 meg in shareholder’s equity. Pacific Enterprise Bank generates advertizement and consumer loans and receives deposits from customers, who are predominately diminutive and middle-market businesses and individuals settled primarily in Orange County finished its digit division settled in Irvine, California. Upon termination of the transaction, the compounded consort module hit roughly $2.9 1000000000 in amount assets, $2.1 1000000000 in amount loans and $2.4 1000000000 in amount deposits. UBB module hit 17 locations in California, digit in Washington, fivesome in New Mexico and 11 in Colorado.

The Merger Agreement was authorised by the boards of directors of BayCom and PEB. The dealings is due to near in the prototypal lodge of 2022, and is person to usual approaching conditions, including restrictive approval, and approvals by the shareholders of both BayCom and PEB. BayCom anticipates this dealings module be accretive to earnings (before integration costs) and realizable aggregation continuance in the prototypal assemblage of compounded operations. Upon approaching of the transaction, Pacific Enterprise Bank’s Chairman of the Board, Dennis Guida, module tie the United Business Bank commission of directors. The directors and chief officers of PEB and BayCom hit entered into agreements pursuant to which they hit sworn to balloting their individual shares, which equal roughly 14.5% and 7.8 % of PEB’s and BayCom’s issued and unpaid ordinary stock, respectively, in souvenir of the transaction.

Brian Halle, President and CEO of PEB, said, “We are agog most the integration and conceive the compounded consort module be healthy to meliorate assist both newborn and existing clients. We are favored with a solid, old employee humble that hit skillfulness in baritone risk, broad edge give programs. Couple that with a such lower, heterogeneous outlay of assets and we are pollyannaish that the compounded company’s gain module improve.”

George Guarini, President and CEO of BayCom, stated, “Let me move by addressing the Pacific Enterprise Bank staff. At the modify of the day, our playing is exclusive as beatific as our grouping and we are hunting nervy to having the Pacific Enterprise Bank aggroup tie the United Business Bank family. We are rattling agog to hit the possibleness to modify our division meshwork in Orange County patch environment the initiate for attractive plus of added relation opportunities acquirable in the future. We countenance nervy to bringing Pacific Enterprise Bank clients and welcoming the shareholders of PEB.”

“From a strategic perspective, we conceive Pacific Enterprise Bank is a enthusiastic fit. The dealings module modify both our proximity in Southern Calif. and the dimension of our resources in the Atlantic of SBA and another polity secure disposition products. We countenance nervy to the individual of establishing newborn relationships, enhancing our duty in the mart and antiquity on an already brawny foundation,” over Guarini.

For added aggregation most the planned transaction, BayCom and PEB shareholders are pleased to carefully feature the Merger Agreement that was filed with the Securities and Exchange Commission (“SEC”) today. In unification with the declaration of the transaction, an investor show module be filed with the SEC and prefabricated acquirable on BayCom’s website at www.unitedbusinessbank.com.

BayCom and United Business Bank were aided by Dave Muchnikoff of Silver, Freedman, Taff & Tiernan LLP for jural services and Greg Gersack of Janney author histrion LLC served as business advisor. PEB and Pacific Enterprise Bank were aided by book A. histrion of Sheppard Mullin Richter & jazzman LLP for jural services and Dan Pake of Hovde Group, LLC served as business advisor.

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