Grand Mountain Bancshares, the holding company for Grand Mountain Bank, has announced the company intends to merge with BayCom Corp, the holding company for United Business Bank.
As planned, BayCom would acquire Grand Mountain Bancshares through the agreement and merge Grand Mountain Bank with and into BayCom and United Business Bank. The closing is expected in the first quarter of 2020, according to a news release.
The release says the agreement is subject to customary conditions, including regulatory approval and approval by the shareholders of Grand Mountain Bancshares.
“We are very happy to join BayCom and believe our combination with United Business Bank will be a great benefit to the communities we serve in Grand and Summit Counties,” Frank DeLay, president and CEO of Grand Mountain Bank said in the release. “We also believe this is a natural fit which increases lending capabilities, expands capital resources and provides a more expansive product offering for our business customers.”
According to DeLay, BayCom completed the acquisition of First State Bank of Colorado in October, and the addition of Grand Mountain Bank would give customers access to 11 branches in Colorado, along with other locations in New Mexico, California and Washington.
“I want to stress that United Business Bank is a community bank just like Grand Mountain Bank,” DeLay continued. “With this combination, our customers can expect the same staff and dedication to service that they deserve. It is exciting that we can add to our business lending capabilities to include SBA and USDA guaranteed loans as well as additional consumer and business deposit product offerings.”
This developing story will be updated.