Commerce National Bank in Newport Beach agreed last week to be acquired by Spokane, Wash.-based Sterling Financial Corp. for about $42.9 million.
The deal is subject to approval by shareholders and regulators and is expected to be completed in the third quarter.
Shares of Commerce National’s stock, which trade over the counter, jumped more than 29% on the announcement of the deal to a market value of about $30 million.
Commerce National has a lending office in Anaheim, in addition to its Newport Beach headquarters.
Sterling operates through its Sterling Savings Bank subsidiary and has about $9.26 billion in assets.
The company’s first-quarter profit totaled $22.7 million, up 71% from the same period last year.
Commerce National, which has about $242.7 million in assets, posted a profit of $225,000 in the first quarter, down 5% year over year.
The bank’s deposit base grew by 3% to $211.4 million. Net loans ticked down by 1% to $142 million.
—Jane Yu
