SACRAMENTO, Calif. and VISALIA, Calif.–(PRNewswire)–Suncrest Bank (OTCQX: SBKK) (“Suncrest”) today announced that it has completed its merger with CBBC (“Community Business Bank”). In addition, Suncrest Bank also announced that it has completed a private placement of $25.0 million of the bank’s common stock. Both the merger and the private placement were completed per the terms first announced on November 7, 2017.
“We are delighted to have completed our third deal in under three years and are excited about the opportunities to grow our business in the Greater Sacramento and Lodi market,” said Ciaran McMullan, President and CEO of Suncrest Bank. “We are on schedule to complete the back office and core systems integration by the end of June,” added McMullan.
MJC Partners, LLC served as the sole placement agent for the offering by Suncrest Bank.