Bank of Marin Grabs East Bay Foothold

Novato-based Bank of Marin will soon have the East Bay presence company officials have coveted, as company officials said on Monday that the bank bought Bank of Alameda for approximately $32.7 million.

Bank of Marin officials expect the deal to close sometime in the fourth quarter. Once completed, Bank of Marin will have $1.7 billion in assets.

Bank of Marin has 17 offices in Marin, San Francisco, Napa and Sonoma counties, including one in Mill Valley on Sunnyside Ave. and one in Strawberry on Reed Boulevard.

Bank of Alameda has four Alameda County branches. The deal gives Bank of Marin a chance to expand into the East Bay that company officials had been seeking.

"This acquisition provides Bank of Marin with the right opportunity to expand into the East Bay, which has been a key part of our long-term strategy,” Bank of Marin Board Chairman Joel Sklar said in a statement.

“We look forward to joining forces with Bank of Alameda's employees and customers with our continued vision of being the premier community bank in all of our markets."