U.S.-based BayCom Corp, a bank holding company for United Business Bank (UBB), has agreed to purchase and merge with peer Uniti Financial Corporation (UIFC), the holding company for Uniti Bank, in a cash and stock deal valued at about $63.9 million or $3.99 per share.
BayCom anticipates this deal will be accretive to earnings in the first year of combined operations and to tangible book value in less than three years.
Upon the close of the acquisition, the merged company will have about $1.8 billion in total assets and $1.5 billion in total deposits. UBB will have 17 locations in California, two in Washington and six in New Mexico.
The transaction, which is expected to close in the second quarter of 2019, will avail United Business Bank with a compelling presence in Southern California and extend its resources in the area of small-business administration lending.