Annie and William Hockey signed an agreement to acquire Northern California National Bank (OTCPK:NCNB) ("NorCal") for approximately $50 million on March 8, 2021. Pursuant to the agreement, investors will seek to acquire 100% of the shares of NorCal through a tender offer to all its stockholders. Pursuant to the agreement, the investors will offer $33.07 in cash for each share of NorCal common stock. After the investor's acquisition of the tendered shares, NorCal will continue to operate as Northern California National Bank and current Chief Executive Officer and President Todd Lewis will remain in an active leadership role with other members of NorCal's senior management.

The proposed transaction is subject to the tendering of at least 67% of the outstanding shares held by NorCal shareholders as well as required regulatory approval and other conditions specified in the agreement. The transaction is expected to close in the second half of 2021. Piper Sandler & Co. acted as financial advisor to NorCal and delivered a fairness opinion to the Board of Directors of NorCal. Kirton McConkie, PC and Manatt, Phelps & Phillips, LLP served as legal counsel to NorCal. Hovde Group, LLC acted as financial advisor to the investors. Luse Gorman, PC served as legal counsel to the investors. Hovde Group, LLC acted as financial advisor to Northern California National Bank.