Walnut Creek, Calif.-based BayCom Corp. completed its acquisition of Colorado-based TIG Bancorp, effective Oct. 21.
TIG unit First State Bank of Colorado merged into BayCom unit United Business Bank.
Under the deal, TIG shareholders will receive 0.27543 of a BayCom common share and $6.34 in cash in exchange for each share of TIG common stock, with cash to be paid in lieu of any fractional shares. The deal is valued at about $39.9 million or $12.53 per share in the aggregate based on BayCom's closing stock price as of Oct. 21.
In a news release, BayCom President and CEO George Guarini said the company now has assets totaling approximately $2.0 billion as a result of the acquisition.
BayCom and United Business Bank were assisted by Dave Muchnikoff and Michael Sadow of Silver Freedman Taff & Tiernan LLP for legal services and Greg Gersack of Janney Montgomery Scott LLC for investment banking services. TIG Bancorp and First State Bank of Colorado were assisted by John Zeilinger and Kevin Tracy of Baird Holm LLP, for legal services and Adam Fiedor of GLC Advisors & Co. LLC for investment banking services, and Tom Mecredy of Vining Sparks IBG LP issued a fairness opinion.