California-based FNB Bancorp has completed its acquisition of Oceanic Bank Holding, which is the sole shareholder of San Francisco-based Oceanic Bank.
FNB also revealed that the merger of Oceanic Bank into First National Bank of Northern California was also completed and that all the branch offices that were Oceanic Bank offices will be opened under the name of First National Bank of Northern California from 24 September 2012.
The acquisition was completed after all necessary final bank regulatory approvals for consummation of the transaction were received by FNB Bancorp.
Based on an agreed purchase price of $27,750,000, the acquisition was structured as an all cash purchase.
FNB Bancorp is a single bank holding company that owns all of the issued and outstanding shares of common stock of First National Bank of Northern California, a national banking association.