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News Breaks | | | | August 31, 2012 | | 14:02 EDT |  | BOCH | Bank of Commerce Holdings sells mortgage banking company
Patrick J. Moty, President & CEO of Bank of Commerce Holdings (BOCH), a $927M bank holding company, and parent company of Redding Bank of Commerce and Roseville Bank of Commerce, 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 Corporation, 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 Corporation, 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 transaction is 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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