First Northern Community Bancorp (OTCPK:FNRN acquired Three Columbia State Bank branches in Orland, Willows, and Colusa, California from Columbia State Bank.
January 19, 2023
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First Northern Community Bancorp (OTCPK:FNRN) entered into a Purchase and Assumption Agreement to acquire Three Columbia State Bank branches in Orland, Willows, and Colusa, California from Columbia State Bank on November 5, 2022. Following the acquisition, all employees of these branches were retained by First Northern Bank and the branches will remain in operation as branches of First Northern Bank. First Northern Community Bancorp received financial advisory services from Panoramic Capital Advisors, Inc., and Pillsbury Winthrop Shaw Pittman LLP acted as legal counsel in connection with the transaction.
First Northern Community Bancorp (OTCPK:FNRN) completed the acquisition of Three Columbia State Bank branches in Orland, Willows, and Colusa, California from Columbia State Bank for approximately $100 million on January 20, 2023. Pursuant to the Purchase Agreement, the Bank acquired these branches for consideration in an amount equal to 3.15% of the average daily closing balance of the deposits for the period commencing thirty calendar days prior to the closing date and concluding on the date preceding the closing date plus the net book values of certain assets of Columbia and accrued interest and fees with respect to the acquired loans. As part of transaction, First Northern Community Bancorp acquired cash on hand of $1.3 million. At the closing of the acquisition, and subject to the terms of the Purchase Agreement, the Bank assumed the deposit liabilities related to certain accounts. The aggregate deposits assumed totaled approximately $116 million, and the aggregate principal balance of the loans acquired totaled approximately $4 million.
First Northern Community Bancorp is the holding company for First Northern Bank (the Bank). The Bank is an independent community bank that specializes in relationship banking. The Bank is in the commercial banking business and provides a range of products and services to small- and medium-sized businesses and individuals, including accepting demand, interest-bearing transactions, savings, and time deposits, and making commercial, consumer, and real estate related loans. The Bank also issues cashierâs checks, rents safe deposit boxes, and provides other customary banking services. The Bank offers a range of alternative investment products, fiduciary and other financial services through Raymond James Financial Services, Inc. The Bank also offers equipment leasing, credit cards, merchant card processing, payroll services, and limited international banking services through third parties. The Bank serves Solano, Yolo, Sacramento, Placer, Colusa, Glenn, Contra Costa Counties, and others.
First Northern Community Bancorp (OTCPK: FNRN acquired Three Columbia State Bank branches in Orland, Willows, and Colusa, California from Columbia State Bank.