Pacific Commerce Bancorp parent company of Pacific Commerce Bank, and ProAmérica Bank announced that their respective shareholders have approved the merger of the two banks. The transaction is expected to close as of May 20, 2016.
The combined institution will have total assets of approximately $560 million upon the close and six offices from Downtown Los Angeles to south San Diego County. Under the terms of the agreement, Pacific Commerce Bank will operate ProAmérica’s single branch office as ProAmérica Bank, a division of Pacific Commerce Bank. Upon the close of the transaction, Maria S. Salinas and Sal Varela, founders and directors of ProAmérica Bank will become directors of the Company and Pacific Commerce Bank.