Husch Blackwell represented CBC Bancorp in its acquisition of Bay Community Bancorp, the holding company for Community Bank of the Bay. The acquisition which closed on November 1, 2024, merges institutions from two of California's largest banking markets, resulting in a combined financial institution with approximately $3.5 billion in combined assets.
Community Bank of the Bay becomes a division of Commercial Bank of California (the wholly owned bank subsidiary of CBC Bancorp). CBC Bancorp is owned by a limited number of shareholders. Commercial Bank of California will continue to retain its position as a Minority Depositary Institution providing expanded product offerings and its commitment to serve communities across California. As a part of the merger, CBC Bancorp accomplished a rare exchange of securities with the U.S. Treasury to preserve Community Bank of the Bay's $119.4 million capital contribution from the U.S. Treasury to allow for lending and investment to low- and moderate-income, rural, and minority communities under the Emergency Capital Investment Program.
Led by Arthur Coren, the Husch Blackwell team also included Steven Sweeney, Andrew Spector, Brian Wetzstein, Scott LeBlanc, David Eckhardt, Tommy Benson, Charles Martin, Chris Friedman, and Molly Hobbs.