On July 1, 2019, it was announced that Walnut Creek, CA-based BayCom Corp entered into a definitive agreement to acquire Greenwood Village, CO-based First State Bank of Colorado. GLC Advisors & Co., LLC acted as the exclusive financial advisor to First State Bank of Colorado in connection with the transaction.
BayCom Corp (NASDAQ:BCML) (“BayCom” or the “Company”), the holding company for United Business Bank (“UBB”), and TIG Bancorp (“TIG”), the holding company for First State Bank of Colorado, announced the signing of an Agreement and Plan of Merger under which BayCom has agreed to acquire TIG in a cash and stock transaction valued at approximately $39.4 million or $12.37 per share, based on the BayCom common stock price closing price of $21.90 per share on June 28, 2019.
Under the terms of the Agreement and Plan of Merger, TIG will be merged with and into BayCom. The agreement also calls for the merger of First State Bank of Colorado with and into United Business Bank. Upon consummation of the merger, each TIG shareholder will receive $6.34 in cash and 0.27543 of a share of BayCom common stock in exchange for each share of TIG common stock.
At March 31, 2019, TIG had approximately $229.0 million in assets, $146.2 million in loans, $198.4 million in deposits and $29.5 million in shareholder's equity. The transaction will establish the Company’s presence in Colorado. First State Bank of Colorado serves its communities through its Denver Tech Center Branch in Arapahoe County, its Fountain Branch in El Paso County, its Westcliffe Branch in Custer County and its four branches in the communities of Crawford, Delta, Hotchkiss and Paonia all in Delta County. Upon completion of the transaction, the combined company will have approximately $2.0 billion in total assets, $1.4 billion in total loans and $1.8 billion in total deposits. UBB will have 20 locations in California, two in Washington, six in New Mexico and seven in Colorado.
Mr. Gary Webb, Chairman of the Board of TIG, welcomes the merger of TIG and BayCom. He stated, “I am confident that the merger will result in a continuation of the friendly and professional services that our valued customers have grown accustomed to and will be of great benefit to our communities.”
“On behalf of the Board, I wish to express our sincere appreciation to the community’s support of First State Bank of Colorado, our shareholders, our exceptional staff, our loyal customers, and our President and CEO Jeffrey Walker for their contributions toward making this enterprise a true community bank.”
George Guarini, President and CEO of BayCom, stated, “Let me start by addressing the First State Bank of Colorado staff. At the end of the day, our business is only as good as our people and we are looking forward to having the First State Bank of Colorado team join the United Business Bank family. Jeffrey Walker and his team built a solid franchise and we are pleased that Jeffrey will join us as President of the Colorado Division of United Business Bank. We are very excited to have the opportunity to enter the Colorado market setting the stage for taking advantage of additional partner opportunities available in the state. We look forward to serving First State Bank of Colorado’s clients and welcoming the shareholders of TIG.”
“From a strategic perspective, we think First State Bank of Colorado is a great fit. The merger will provide United Business Bank with a significant presence in Colorado, including entry into the attractive Denver and Colorado Springs markets. We look forward to the prospects of establishing new relationships, enhancing our position in the market and building on an already strong foundation,” added Guarini.
Jeffrey Walker, President and CEO of TIG stated, “We are very happy to join BayCom and believe our combination with United Business Bank will provide significant value to our shareholders, clients 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.”
About BayCom Corp.
The Company, through its wholly owned operating subsidiary, United Business Bank, offers a full-range of loans, including SBA, FSA and USDA guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington and New Mexico. More information on BayCom and UBB is available at www.unitedbusinessbank.com.
About First State Bank of Colorado
TIG Bancorp is the holding company of First State Bank of Colorado, a community bank with seven locations in Colorado. More information on TIG is available at www.firststatebank-co.com.
GLC Transaction Team
Adam C. Fiedor / Managing Director / Adam.Fiedor@glca.com / 303.479.3845
Michael D. Richter / Managing Director / Michael.Richter@glca.com / 303.479.3844
Mike P. Fleschner / Vice President / Michael.Fleschner@glca.com / 303.479.3846
Bradley J. Hale / Analyst / Bradley.Hale@glca.com / 303.479.3851
1512 Larimer St. / 9th Floor / Denver, Colorado 80202 / www.glca.com
GLC Advisors & CO.
GLC Advisors & Co. delivers objective, senior-level expertise to clients through a variety of advisory assignments including: M&A, financing/debt advisories, restructurings/recapitalizations, fairness opinions, and valuations. Offices are located in New York, San Francisco, and Denver.
GLC Advisors is affiliated with GLC Investment Advisors, an investment firm that provides debt and equity capital for leveraged buyouts, strategic acquisitions, recapitalizations and growth financings for middle market companies.