Exchange Bank buys American Trust and Savings Bank’s wealth business
Exchange Bank has agreed to acquire Iowa-based totally American Trust and Savings Bank’s California Trust and Wealth Management operations.
The deal, whose economic phrases have been no longer disclosed, is pending regulatory nod.
As part of the deal, American Trust’s senior believe officer Cathleen Colgan and consider administrative assistant Jill Solle will pass to Exchange Bank.
The duo will stay primarily based in their present San Mateo office.
They will now be answerable for constructing new patron relationships inside the advisory network.
Exchange Bank president and CEO Gary Hartwick said: “We trust the geographic expansion of our Trust & Investment Management branch into the South Bay is a herbal extension of our lengthy-status agree with the enterprise.”
Based in California, Exchange Bank gives trust, investment, personal, and industrial banking services. It manages $2.6bn in assets.
The enterprise has 18 workplaces in Sonoma County, which serves as its base. In addition, it has an industrial and SBA lending workplace in Roseville and Marin.
Last October, Exchange Bank introduced the purchase of the consider department of California-based First Northern Bank.
As a part of that deal, First Northern Bank senior vice chairman and accept as true with supervisor Chris Ann Bachtel, vice chairman and senior believe officer Alysa Corell, and accept as true with operations administrator Kelly Lind joined Exchange Bank.