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Article: Bank of Walnut Creek is sold First Republican Bank makes $177 million deal.
- Article from:
- Contra Costa Times (Walnut Creek, CA)
- Article date:
- May 23, 2006
CopyrightCOPYRIGHT 2006 Contra Costa Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: George Avalos
May 23--Another East Bay bank has agreed to relinquish its independence.
BWC Financial Corp. and its subsidiary, Bank of Walnut Creek, are being bought by First Republic Bank of Walnut Creek for $177 million, a deal that gives San Francisco-based First Republic a foothold in the East Bay, where it currently has no branches. Walnut Creek-based BWC Financial has offices in Pleasanton, Livermore, San Ramon, Danville, Orinda, Walnut Creek and San Jose.
Jim Ryan, chairman and chief executive officer of BWC Financial and the bank, said he believes shareholders, employees and customers will all benefit from the deal. For one ...