November 12, 2019 — BayCom Corp (NASDAQ:BCML) and Grand Mountain Bancshares, Inc. (OTCM:GMBB), have announced a definitive merger agreement.
Based in Colorado, Grand Mountain Bancshares, Inc. (GMB), the holding company for Grand Mountain Bank (GM Bank), will merge with BayCom Corp, the holding company for United Business Bank. The all-cash transaction is valued at approximately $13.9 million.
Under the terms of the agreement, the holding companies and subsidiary banks will merge. Each GMB shareholder will receive $3.40 in cash in exchange for each share of GMB common stock.
As of September 30, 2019, GMB had approximately $130.6 million in assets, $85.6 million in loans, $118.1 million in deposits and $12.2 million in shareholder’s equity. GM Bank has four locations in Grand County and Summit County.
Frank DeLay, President and CEO of Grand Mountain Bank, said, “We are very happy to join BayCom and believe our combination with United Business Bank will provide significant value to our shareholders, customers and employees. We also believe this is a natural fit which increases lending capabilities, expands capital resources and provides a more expansive product offering in our Colorado business communities. Our team is excited for our next chapter and our new partnership with United Business Bank.”
More information is available here.
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