Bank of Commerce Holdings (BOCH) shares traded at $11.0 in premarket trade as of the last check, down -26.91%. As of Thursday, BOCH stock closed at $15.05, an increase of 7.42%. The total number of shares traded in BOCH stock was 1.87 million, compared with 0.12 million in the prior 50 days. The BOCH share price has gained 116.55% in the past year, and it rose by 5.47% in the past week.
BOCH shares have gained 23.56 percent over the last three months while adding 52.33 percent over the past six months. BOCH has a current market capitalization of $264.73 million, and its outstanding shares were 16.71 million. A merger deal has caused BOCH stock to lose ground.
Whom is BOCH merging with?
Merchants Bank of Commerce is a subsidiary of Bank of Commerce, a bank holding company headquartered in Sacramento, California. BOCH’s is a California banking corporation that specializes in providing banking and financial services to clients in northern California between Sacramento and Yreka, as well as in the wine region north of San Francisco. BOCH opened for business on October 22, 1982, after being incorporated on November 25, 1981.
Bank of Commerce Holdings (BOCH) and Columbia Banking System, Inc. (NASDAQ: COLB) today announced the signing of a definitive agreement to merge BOCH into COLB.
- BOCH owns Merchants Bank of Commerce and COLB owns Columbia State Bank.
- According to the merger agreement, BOCH and COLB will be merged in an all-stock deal.
- A share of COLB’s common stock has a market value of approximately $15.72 on June 23, 2021, or approximately $266.0 million for the BOCH transaction.
- COLB is entering the California market through the BOCH merger.
- With the merger, the combined company will have more than 150 branches across Washington, Oregon, Idaho and California, comprising $19 billion in assets.
- After the merger, all locations will operate under BOCH’s Merchants Bank of Commerce brand as a division of COLB.
- COLB’s closing stock price on June 23, 2021 translates to an aggregate merger consideration of $266.0 million.
- BOCH shareholders will receive $265.6 million in COLB common stock, and option holders will receive $0.4 million in cash.
- Directors of both companies voted unanimously to approve the agreement.
- The division will be led by BOCH Chief Executive Officer Randy Eslick in the role of President.
What will BOCH shareholders receive?
According to the merger agreement, BOCH shareholders will receive 0.40 shares of COLB’s stock per share of BOCH stock. As a result of the closing, BOCH shareholders will own approximately 9% of the combined company.