Grand Mountain Bancshares, the holding company for Grand Mountain Bank, FSB, announces the signing of an Agreement and Plan of Merger with BayCom Corp, the holding company for United Business Bank under which BayCom has agreed to acquire Grand Mountain Bancshares.
Under the terms of the Agreement and Plan of Merger, Grand Mountain Bancshares will be merged with and into BayCom. The agreement also calls for the merger of Grand Mountain Bank with and into United Business Bank. The closing of the transaction, which is expected to occur in the first quarter of 2020, is subject to customary conditions, including regulatory approval, and approval by the shareholders of Grand Mountain Bancshares.
Frank DeLay, President and CEO of Grand Mountain Bank stated, “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. 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. Our team is excited for our next chapter and our new partnership with United Business Bank.”
George Guarini, President and CEO of BayCom, stated, “We are very pleased to have the opportunity to expand our presence in the Colorado market and look forward to serving Grand Mountain Bank’s clients. Our expanded family will soon have the pleasure of establishing new long lasting relationships, enhancing our position in the market and building on an already strong foundation.”
DeLay further stated, “BayCom completed the acquisition of First State Bank of Colorado last month. With the addition of Grand Mountain Bank, customers will have 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. 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. BayCom appreciates the growth Grand Mountain Bank has experienced in our communities and wants to continue to enhance that success. We will remain the local’s first choice for their banking needs and an active contributor to the community.”