BayCom Buys TIG Bancorp In $39.4M Deal

BayCom BCML will acquire TIG in a cash and stock transaction valued at approximately $39.4 million or $12.37 per share.

TIG Shareholders will receive $6.34 in cash and 0.27543 BayCom share for each TIG common stock owned. As of March 31, TIG had approximately $229.0 million in assets, $146.2 million in loans, $198.4 million in deposits and $29.5 million in shareholder's equity.

BayCom is the holding company for United Business Bank and TIG Bancorp is the holding company for First State Bank of Colorado. Under the terms of the agreement, TIG will be merged with and into BayCom. The agreement also calls for the merger of First State Bank of Colorado with and into United Business Bank.

BayCom shares traded down 0.80% at $21.72.

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