Mergers & Acquisitions for the Week of May 20, 2024

Southern California is home to some of the largest and most impactful M&A transactions in the nation, with the region’s multiple industries continually buying and selling to create better outcomes for their business streams. L.A. Times B2B Publishing is now tracking those deals, and will offer a weekly roundup of notable M&A deals involving Southern California companies.

Here is a notable M&A deal involving a Southern California company for the week of 5-20-2024.

Bank Acquisition Announced

Irvine-based bank CBC Bancorp, the holding company for Commercial Bank of California, will acquire Bay Community Bancorp in Oakland in a deal valued at $121 million. The deal links regional banks in Southern and Northern California that will create a $3.5-billion bank when the deal closes, which is expected by early 2025.

“Once we combine our two reputable banking platforms, it will create a transformative business bank with expanded product offerings driven by the purpose to serve our communities across California,” said Ash Patel, chairman, president and CEO of Commercial Bank of California.

“Together we will build one of the best banking institutions in California with a focus on relationships, purpose, innovation and impact,” added Patel in a press release. “We’re officially on our purposeful journey to building a $5-billion bank.”

Community Bank of the Bay will maintain its name recognition and San Francisco Bay Area branch operations while officially becoming a division of Commercial Bank of California.