Capitol Bancorp has announced the planned sale of Capitol’s California-based affiliate, Napa Community Bank, to Rabobank NA, a community bank with more than 100 California locations.
Part of Rabobank Group, Rabobank NA is a community-oriented bank with US$10bn in assets, providing full retail and commercial banking services primarily in non-major metropolitan and agricultural markets across a 700-mile expanse of California.
“We look forward to welcoming Napa Community Bank customers and employees to Rabobank,” said Ronald Blok, chief executive officer (CEO) of Rabobank NA. “The Rabobank and Napa Community Bank organisations have much in common, most importantly a strong commitment to community-oriented banking, personalised service and local investment.”
The purchase is a step forward in Rabobank NA’s growth strategy to expand its branch presence into key agricultural areas such as the Napa Valley wine country, where the Rabobank Group as a whole already has a lending portfolio of more than US$500m, primarily to wineries and others in the food and agribusiness industry. Over the last 15 months, Rabobank has opened 12 new branches in California, bringing the total to 92. The bank also has 15 financial service centres, including one in Santa Rosa.
The transaction is expected to be completed in mid-2010, subject to shareholder and regulatory approval.
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