Bank of Commerce Holdings (BOCH: Quote), parent company of Redding Bank of Commerce and Roseville Bank of Commerce, on Friday announced the sale of 51% ownership position in Bank of Commerce Mortgage.
In May 2009, Bank of Commerce Holdings acquired 51% of the capital stock of Simonich Corp., a residential mortgage banking company headquartered in San Ramon, California, with twenty one offices in two different states and licenses in California, Colorado, Oregon, Nevada and Texas.
Bank of Commerce Holdings has agreed to sell back the 51% ownership position to the partners of Simonich, Scott Simonich and Mario De Tomasi. The agreement represents a return of capital, is generally expected to be cash flow neutral - and puts both parties in the best position for other strategic growth investments.
The deal expected to close in the third quarter.
The agreement provides for a continued relationship between the two companies on the funding side and puts both parties in the best position to pursue their core competencies.
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by RTT Staff Writer
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