Lewis Brisbois Advises Merchants National Bank on Merger Agreement
Sacramento, CA (October 10, 2018) – A California team has provided legal counsel to Merchants Holding Company (Merchants), parent company of the oldest locally owned and operated bank in Sacramento, on a definitive merger agreement with Bank of Commerce Holdings (BOCH). Per the agreement, BOCH will acquire Merchants in a stock and cash transaction valued at approximately $37 million. On a pro forma consolidated basis, the combined company would have approximately $1.5 billion in assets, $1.2 billion in deposits, and operate 10 branch offices throughout northern California.
Merchants is the parent company of The Merchants National Bank of Sacramento, a 97-year-old bank with a single branch in downtown Sacramento and approximately $218 million in assets as of June 30, 2018. BOCH is a bank holding company based in Sacramento and the parent company of Redding Bank of Commerce (which also operates under the name Sacramento Bank of Commerce).
“The Merchant Bank is an iconic financial symbol in Sacramento, which added an exciting historical element to this deal,” said San Francisco Partner Daniel B. Eng. “This agreement is a positive move for both parties and will ensure the continuation of The Merchant Bank legacy.”
Mr. Eng and Sacramento Partner Deborah K. Seo worked on the matter.