MURRIETA, Calif.--(BUSINESS WIRE)--Nano Financial Holdings, Inc. (“Nano”), a new bank holding company, is pleased to announce the completion of its acquisition of Commerce Bank of Temecula Valley (“CBTV”) for $23.3 million. Effective May 1, 2018, the bank has been renamed Nano Banc. Headquartered in Murrieta, California, in the Temecula Valley, Nano Banc will provide commercial banking services throughout Southern California.
Each share of CBTV common stock not owned by Nano received $14.41 per share in the merger. Prior to the merger, holders of approximately 37% of CBTV shares were exchanged for shares of Class A common stock of Nano as part of the capitalization of Nano at an exchange ratio of 1.41 shares of Nano Class A common stock for each share of CBTV common stock.
At Nano Banc our mission is simple. Together, we will strive to deliver exceptional financial products and services that exceed expectations, to create strong community involvement, and to help our clients achieve financial peace of mind. Nano Banc’s Murrieta office will remain open and continue to provide the same level of personal service and dedication to its clients that they expect and deserve. Nano Banc is committed to supporting our employees and clients and being an integral part of the communities in which we do business.
The merger and name change have received the required regulatory approvals from the California Department of Business Oversight (DBO), the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Bank (FRB).
“We believe that there is an opportunity for banking to be better. Nano Banc is excited to provide premier commercial banking and exceptional service to Southern California business clients,” noted Mark Troncale, President of Nano Banc. “We are humbled by the number of exceptional bankers that have reached out to us, in Southern California, who are excited to leave the traditional banking culture behind. With our family-like company culture, focus on technology and our commitment to our employees, clients and the community, Nano Banc is positioned to serve.”
CBTV was advised by MJC Partners, LLC for financial advisory services, and legal advice from Breakwater Law Group LLP. Nano received financial advice from Cappello Global, LLC. Legal advice was provided by Manatt Phelps & Phillips, LLP.
Additional information about Nano Banc may be obtained at www.NanoBanc.com.