Bank of Marin Bancorp, the parent company of Bank of Marin, completed its acquisition of Bank of Napa, effective November 21, 2017. Bank of Napa’s shareholders approved the acquisition at a special meeting held on November 7, 2017.

Under the terms of the agreement, each share of Bank of Napa common stock was converted into the right to receive 0.3070 shares of Marin Bancorp common stock. The value of the total deal consideration was approximately $53.2 million, which includes the value of Bank of Napa options assumed by Marin Bancorp.

“We are pleased to complete our acquisition of Bank of Napa and welcome their customers, employees and shareholders to Bank of Marin,” said Russell A. Colombo, president and CEO of Bank of Marin Banckorp. “With our combined strength, we will be able to provide customers a superior banking experience by offering a broader selection of financial products and services and larger borrowing capacity.”

With the addition of Bank of Napa, on a pro forma combined basis, Marin Bancorp will have total assets of $2.4 billion, total loans outstanding of $1.7 billion and total deposits of $2.1 billion.

Keefe, Bruyette & Woods, a Stifel Company provided a fairness opinion and acted as financial advisor and Stuart Moore Staub served as legal counsel for Marin Bancorp. Sandler O’Neill + Partners provided a fairness opinion and served as financial advisor and Sheppard, Mullin, Richter & Hampton served as legal counsel to Bank of Napa.