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BayCom Corp Receives Final Regulatory Approval for Pacific Enterprise Bancorp Merger
WALNUT CREEK, Calif. & IRVINE, Calif.--(BUSINESS WIRE)-- BayCom Corp (“BayCom”) (NASDAQ: BCML) announced it has received all regulatory clearances for its
About this update from Baycom Corp
[{"type":"text","content":" WALNUT CREEK, Calif. & IRVINE, Calif.--(BUSINESS WIRE)--\nBayCom Corp (“BayCom”) (NASDAQ: BCML) 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.\n\nThe 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.\n\nThe 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 respective special meetings scheduled for December 13, 2021.\n\nThe 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 exchange for PEB’s shareholders.\n\nADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT\n\nBayCom has filed a Registration Statement on Form S-4 with the SEC, which constitutes a joint proxy statement of BayCom and PEB, and a prospectus of BayCom in connection with the proposed merger, referred to as a joint proxy statement/prospectus, as well as other relevant documents related to the proposed transaction. The joint proxy statement/prospectus, which has been furnished by BayCom and PEB to their respective shareholders, contains important information about BayCom, PEB, the proposed merger and related matters. SHAREHOLDERS OF BOTH BAYCOM AND PEB ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER...