PLEASANTON -- Valley Community Bank has agreed to sell itself to FNB Bancorp, the parent of First National Bank of Northern California, in a deal that will create a $1 billion bank, the financial companies announced Friday.
The newly constituted bank, which will have branches in Santa Clara County, San Mateo County, Alameda County, and San Francisco, will have combined assets of $1.04 billion, the banks said. Combined deposits will total $894 million. Together, the banks have 15 branches. First National Bank doesn't have any branches in the East Bay at present.
"This merger complements our recent expansion efforts into Sunnyvale, and establishes our presence in the East Bay," said Tom McGraw, chief executive officer of South San Francisco-based FNB Bancorp.
The transaction, valued at $6.2 million, is expected to be completed by September, subject to regulatory approvals.
The combination offers our customers a wider and more convenient branch network," said Richard Loupe, president of Pleasanton-based Valley Community Bank."
Contact George Avalos at 408-859-5167. Follow him at Twitter.com/georgeavalos.