Business & Real Estate

Redding banking firm moving corporate headquarters to Sacramento

Redding-based Bank of Commerce Holdings will move its corporate headquarters to Sacramento this summer, the banking firm announced Monday.

BOCH said it has signed an 89-month lease at 555 Capitol Mall and expects to be moved into the new site by Aug. 1.

BOCH oversees Sacramento Bank of Commerce in Roseville and the Redding Bank of Commerce in Redding. Those banks will remain in their current locations.

Under the existing corporate structure, Redding Bank of Commerce operates under two separate names – Redding Bank of Commerce and Sacramento Bank of Commerce, a division of Redding Bank of Commerce.

“(Sacramento) is where the growth has been. This is where we’re growing, and there are lots of opportunities for growth,” Randall Eslick, BOCH president and CEO, said in a phone interview. “To us, this is a very exciting opportunity.”

Eslick said the downtown Sacramento offices will house the banking firm’s small executive staff, but there is “space for 25 employees or more. We have a conference room…and it’s just a perfect spot to come into the (Sacramento) airport and meet downtown in a nice space.”

BOCH, started in 1982, currently has assets of $1.1 billion.

The bank has nine branches throughout Northern California, including the Roseville office and three in Redding. In March last year, BOCH, completed the acquisition of five former Bank of America branch banks in Northern California. Those branches are in Colusa, Corning, Orland, Willows and Yreka.

Eslick said BOCH employs about 60 in the Sacramento area.

In this year’s first quarter ended March 31, BOCH reported net income of $2.3 million, or 17 cents a share, compared with a net loss of $960,000, or 7 cents a share, in the same period of 2016.

BOCH shares closed Monday at $11.05, unchanged for the day, on the Nasdaq market.

Mark Glover: 916-321-1184, @markhglover