Summit Bank Oakland Community Bank was acquired by Faciam Holdings in an all-cash deal.
Summit Bank Oakland, the bank of choice for this blogger, was purchased by Faciam Holdings for an estimated $67.9 Million according to American Banker.
Summit Bank Oakland is called “Summit Bancshares, Inc.” in transactions documents and Business Wire reports that the all-cash deal was completed on November 28th. Faciam will own “Summit and the bank in an all-cash deal,” according to the report. Summit Bancshares, Inc. operates three branches in Oakland, Walnut Creek and Emeryville, California through its subsidiary, Summit Bank, which is a California state-chartered institution established in 1982.
Summit Bank Oakland’s headquarters is at 2969 Broadway in the northern portion of Downtown Oakland, and in the area called “Broadway Auto Row,” even though it has far less “auto” in its “row.” Summit Bank Oakland’s board consists of Shirley W Nelson, Chairman and Founder of Summit Bancshares Inc/CA, John Protopappas of Madison Park Financial, George Hollidge, Jason L Hill and Eric Allan Rudney of Rudney Associates Inc. Additionally, Faciam is expected to appoint six new directors to the board of directors after the Summit Bank acquisition is approved in 2019.
And, yes, this is John Protopappas of Madison Park Financial:
Summit Bancshares, Inc. has 1.2 million shares issued. The Business Wire posting explains that the purchase by Faciam Holdings was for $56.13 a share. “In addition, it is anticipated that Summit shareholders will receive a special dividend at the time of closing,” reports Business Wire, which ads “The proposed transaction is subject to the approvals of Summit shareholders as well as the regulatory agencies, and, subject to such approvals, is expected to close in mid-year 2019. As of September 30, 2018, Summit Bank had approximately $280 million in assets, $163 million in total loans and leases, and $245 million in deposits. For more information, visit www.summitbanking.com.”
And Who Or What Is Faciam Holdings?
Faciam Holdings is a Santa Barbara-based holding company with Andrew Nash, listed as CEO, and that is listed as registered on February 2nd 2018 (the date of its birth as a firm) as a “Foreign Stock company.” That means Summit Bancshares, Inc. is the first acquistion for this business. As to the meaning of “Foreign Stock company” that is “a term used in the United States for an existing corporation that is registered to do business in a state or jurisdiction other than where it was originally incorporated.” Faciam Holdings was incorporated in Delaware.
Stay tuned.