Santa Cruz County Bank, a California-based community lender, has wrapped up the previously announced merger with Lighthouse Bank.
The all-stock deal, valued at nearly $68.87m, was announced this May.
For each share held, Lighthouse Bank shareholders are entitled to get a fixed exchange ratio of 0.5204 shares of Santa Cruz County Bank common stock.
The deal takes Santa Cruz County Bank’s total assets to approximately $1bn. The bank now has seven bank branches in Santa Cruz and Santa Clara Counties.
As part of the deal, Lighthouse Bank founding directors Craig French, John Burroughs, James Weisenstein and Stephen Pahl have gained seats on the Santa Cruz County Bank board.
Jon Sisk, the former president of Lighthouse Bank, has been named as the regional president of Santa Cruz County Bank.
Santa Cruz County Bank chairman William Hansen said: “We are thrilled to announce the completion of our merger with Lighthouse Bank. Today we welcome four talented individuals to our board, each of whom bring extensive knowledge and experience in community banking. We look forward to serving our community with our expanded team.”
Santa Cruz County Bank president and CEO David Heald stated: “The successful merger of our two top performing and nationally recogniszed financial institutions positions Santa Cruz County Bank as the largest community bank in the Monterey Bay Area.
“Our greater scale, expansion into Silicon Valley, and plans to expand into the Monterey County opens opportunities to compete for larger business relationships while meeting the expansion needs of our existing business relationships.”