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BayCom to Acquire Grand Mountain Bancshares in USD 13.9m Deal
Friday 08 November 2019

8 November 2019 - California, US-based bank holding company BayCom Corp (NASDAQ: BCML) has entered into an agreement and plan of merger to acquire Colorado, US-based Grand Mountain Bancshares, Inc. (OTCM: GMBB) GMB in a cash transaction valued at approximately USD 13.9m, the company said.
Under the terms of the Agreement and Plan of Merger, GMB will be merged with and into BayCom.
The agreement also calls for the merger of Grand Mountain Bank with and into United Business Bank. Upon consummation of the merger, each GMB shareholder will receive USD 3.40 in cash in exchange for each share of GMB common stock.
At September 30, 2019, GMB had approximately USD 130.6m in assets, USD 85.6m in loans, USD 118.1m in deposits and USD 12.2m in shareholder's equity.
The transaction will expand the company's presence in Colorado.
With this acquisition the United Business Bank will have a total of 36 full service locations, with 17 locations in California, two in Washington, six in New Mexico and 11 in Colorado.
BayCom Corp, through its wholly owned operating subsidiary United Business Bank, offers a full-range of loans, including SBA, FSA and A guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington, New Mexico and Colorado.
Grand Mountain Bancshares is the holding company for Grand Mountain Bank.
Grand Mountain Bank is a locally based community bank committed to providing quality, personal service to all the people and businesses in its community. Grand Mountain Bank FSB has four full-service locations across Grand County and a loan office in Summit County.
BayCom and United Business Bank were assisted by Dave Muchnikoff and Michael Sadow of Silver, Freedman, Taff and Tiernan, LLP for legal services.
GMB and Grand Mountain Bank were assisted by Ernie Panasci and Angie M. Fletcher of Stinson LLP for legal services and Greg Gersack of Janney Montgomery Scott LLC for investment banking services.
Date Published: 08/11/2019
Target: Grand Mountain Bancshares, Inc
Country: USA
Deal Size: 13.9m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: BayCom Corp
Buyer Advisor: Silver, Freedman, Taff and Tiernan