PCB Financial in Costa Mesa, Calif., has acquired Northern California Bancorp in Monterey.
PCB, a group formed for the purpose of buying the parent company of the $197 million-asset Monterey County Bank, did not disclose the price it paid.
Bill Wilson was named the bank’s CEO. He was chief risk officer at Nano Banc.
“This is a really exciting time for Monterey County Bank and the businesses we serve,” Charles Chrietzberg, who retired as bank’s chairman and CEO, said in a press release. “Together with this new team, we’ll be able to offer our clients and the business community more resources and banking products to help their businesses grow.”
Chrietzberg will chair an advisory board at the bank.
“We have been looking for the right opportunity to invest in a bank where we can make a difference for its clients,” said Anand Gala, chairman and CEO of PCB Financial. “We have the team, the resources and the experience to build on the best part of Monterey County Bank and empower the businesses in the community.”
The bank will significantly increase its lending limits, offer loans on investment properties and owner-occupied buildings, introduce new credit lines and other short-term working capital solutions. It also plans to introduce new treasury products including remote deposit capture.