The Bank Slate


Monterey County Bank in Calif. selling to investor group

A group of investors in Costa Mesa, Calif., has agreed to buy Northern California Bancorp in Monterey, Calif.

PCB Financial, formed for the purpose of the acquisition, will pay an undisclosed amount of cash and stock for the parent of the $212 million-asset Monterey County Bank, according to the Monterey County Weekly. The deal is expected to close by the end of this year.

Charles Chrietzberg, Monterey County Bank’s chairman, president and CEO, and its biggest shareholder, will step down. Chrietzberg, who will remain a major investor and serve on an advisory board, told the publication that PCB’s investment will allow the bank to double its loan limits, to $10 million.

PCB is looking at potential successor for Chrietzberg.

Leave a Reply

Your email address will not be published. Required fields are marked *