Willamette Community Bank, People's Bank of Commerce up merger consideration

The boards of People's Bank of Commerce and Willamette Community Bank unanimously approved an increase to the merger consideration for the deal, which is expected to close in the first quarter.

According to the revised terms, Willamette Community Bank shareholders, who elect a unit of mixed stock and cash consideration, will receive 0.6665 shares of People's Bank of Commerce common stock, plus cash in the amount of $1.70. The merger consideration is valued at $20.7 million, or $11.16 per share, which is approximately 100.8% of Willamette Community Bank's tangible book value as of Dec. 31, 2020, and based on People's Bank of Commerce's closing stock price of $14.20 on Jan. 21.

The transaction is subject to, among other conditions, approval by the shareholders of People's Bank of Commerce and Willamette Community Bank, regulatory approval, and other customary closing conditions.