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published on December 19, 2016 - 6:28 AM
Written by The Business Journal Staff
Suncrest Bank in Visalia announced it has completed its acquisition of Fresno-based Security First Bank.

 

When announced in September, the deal was valued at around $18.1 million in cash and stock.

The transaction creates a Central Valley franchise with total assets of $460 million that will operate under the Suncrest Bank banner.

“We are delighted to have completed our second acquisition in a year, and are excited about the opportunity to grow our business in the Fresno market,” said Ciaran McMullan, president and CEO of Suncrest Bank. “We set ourselves the ambitious goal of growing to $500 million in total assets within five years, and with the completion of this deal we have effectively achieved that target, two years ahead of schedule.”

In addition, Suncrest Bank also announced two private placements combined for $7 million of the bank’s common stock

Los Angeles-based MJC Partners, LLC — a boutique investment banking, wealth management and advisory firm — purchased 678,788 shares at $8.25 a piece for a total of $5.6 million.

Another 169,698 shares were sold at $8.25 a piece to two of the bank’s directors for a total investment of $1.4 million.

Steve Jones, former president and CEO of Security First Bank, will join Suncrest Bank as chief operating officer. Jeanette Williams, Suncrest Bank’s Fresno market president, will take over leadership of the former Security First Bank business in Fresno. Eric Wilkins, former vice chair of Security First Bank, will join the Suncrest Bank board of directors. In addition, a number of former Security First Bank directors have formed a local market and agricultural advisory board, and will continue to be actively involved with the new bank in Fresno.


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