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Bank of Marin to Buy Bank of Alameda

Bank of Marin Bancorp has struck a deal to acquire the Bank of Alameda.

Bank of Marin Bancorp has struck a deal to acquire the Bank of Alameda.

Bank of Marin Bancorp announced yesterday that it has struck a deal to acquire NorCal Community Bancorp, the parent company of Bank of Alameda.

The transaction is worth $32.7 million, or $3.07 per share of NorCal Community Bancorp common stock.

“Bank of Marin can provide the resources Bank of Alameda needs to continue providing our customers with the dedicated community-based banking and the high level of personal service that they have come to enjoy,” said James B. Davis, Chairman of the Board of NorCal Community Bancorp and Bank of Alameda. “I am confident this transaction will further improve community banking for our customers by offering an expanded line of products and services, and larger business loans. It also provides a solid opportunity for our shareholders to become part of a highly respected organization.”

The deal is expected to close by the end of the year.

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