M&A Latest: Baycom Merges with Pacific Enterprise

California-based BayCom, the holding company for United Business Bank (UBB), has struck a $53.1 million deal to buy Pacific Enterprise Bank (PEB).

PEB specializes in commercial and consumer loans to small and middle-market businesses in Orange County. In a statement, BayCom said the deal would boost BayCom’s presence in Southern California.

Upon completion of the transaction – expected in the first quarter of 2022 – the combined company will have $2.9 billion in total assets, a loan book worth $2.1 billion, and a combined $2.4 billion in deposits.

Meanwhile, Florida-based ST Hldgs – a community bank focused holding company – has acquiredRochelle State Bank in Wilcox County, Georgia.

Rajib Das, chair of both companies, said the acquisition would bring additional capital to the Georgia-based bank to boost its capital base as well as improving its leadership team.

Rochelle would also invest to improve its online banking portal and introduce a new mobile banking service, according to a statement announcing the deal.

President and CEO Len Davenport and executive vice president Bryan Wilder will join the bank’s new leadership team.

Elsewhere, Mastercard is to acquire Danish open banking technology provider Aiia to boost its credit service provision capabilities.

Aiia has connections to more than 2,700 banks across Europe, serving businesses, consumers, and banks. Its platform allows businesses and financial institutions to integrate financial data and account-to-account payments.

In a statement, Mastercard said Aiia’s expertise complemented its data responsibility principles, and reinforced work led by Finicity – another open banking fintech that mastercard bought last year – to extend data-related best practices.

The acquisition will allow Mastercard to deliver credit decisioning and credit scoring applications of Finicity to European clients, the company said.

The transaction is expected to close by the end of this year.