Business & Tech
Deal: Novato-Based Bank of Marin Grabs East Bay Foothold
Officials tout $32.7 million Bank of Alameda acquisition as a key element in company's long-term strategy.
Novato-based Bank of Marin will soon have the East Bay presence company officials have coveted.
The company today announced it purchased Bank of Alameda for approximately $32.7 million.
Bank of Marin officials expect the deal to close sometime in the fourth quarter. Once completed, Bank of Marin will have $1.7 billion in assets.
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Bank of Marin has 17 offices in Marin, San Francisco, Napa and Sonoma counties.
Bank of Alameda has four Alameda County branches. The deal gives Bank of Marin a chance to expand into the East Bay that company officials say they plan to take advantage of.
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"This acquisition provides Bank of Marin with the right opportunity to expand into the East Bay, which has been a key part of our long-term strategy,” Bank of Marin Board Chairman Joel Sklar said in a prepared statement.
“We look forward to joining forces with Bank of Alameda's employees and customers with our continued vision of being the premier community bank in all of our markets."
