Exchange Bank has agreed to acquire Iowa-based American Trust and Savings Bank’s California Trust and Wealth Management operations.
The deal, whose financial terms were not disclosed, is pending regulatory nod.
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By GlobalDataAs part of the deal, American Trust’s senior trust officer Cathleen Colgan and trust administrative assistant Jill Solle will move to Exchange Bank.
The duo will remain based in their existing San Mateo office.
They will now be responsible for building new client relationships within the advisory community.
Exchange Bank president and CEO Gary Hartwick said: “We believe the geographic expansion of our Trust & Investment Management department into the South Bay is a natural extension of our long-standing trust business.”
Based in California, Exchange Bank offers trust, investment, personal, and commercial banking services. It manages $2.6bn in assets.
The business has 18 offices in Sonoma County, which serves as its base. In addition, it has commercial and SBA lending office in Roseville and Marin.
Last October, Exchange Bank announced the acquisition of the trust department of California-based First Northern Bank.
As part of that deal, First Northern Bank senior vice president and trust manager Chris Ann Bachtel, vice president and senior trust officer Alysa Corell, and trust operations administrator Kelly Lind joined Exchange Bank.
