Visalia-based Suncrest Bank said Monday that it has a definitive agreement to acquire Sutter Community Bank in Yuba City.
Officials said the all-stock merger deal is valued at about $9.4 million and will combine two agribusiness-focused community banks with combined assets of approximately $300 million.
Suncrest operates three branches in Tulare and Fresno counties; Sutter operates one branch in Sutter County. The combined bank will operate all four branches as Suncrest Bank.
Upon completion of the transaction, two directors from the Sutter board of directors will join the board of the newly combined bank with the remaining Sutter directors forming a new “local market advisory board.”
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Dan Jacuzzi, Sutter’s chairman, said in a statement: “This partnership will certainly enable us to more thoroughly serve our market, and our new bank will be able to offer loans up to $10 million to qualified borrowers, thereby significantly expanding the business we can confidently go after.”