In a move designed to bolster its resources and expand its services to local businesses, Monterey County Bank has merged with PCB Financial, Inc. The transaction, completed on August 21, 2024, makes Monterey County Bank a wholly owned subsidiary of PCB Financial. While financial details of the merger remain undisclosed, shareholders of Northern California Bancorp, Inc. (NCB), the parent company of Monterey County Bank, will receive cash or PCB stock as part of the deal.
Charles Chrietzberg, who served as chairman and CEO of Monterey County Bank for over 30 years, has retired, but will continue to guide the bank’s future as chairman of the advisory board. He expressed his enthusiasm for the merger, stating that it will provide the bank with the necessary resources to support local businesses.
Anand Gala, chairman and CEO of PCB Financial, highlighted the firm’s commitment to helping businesses thrive and emphasized their desire to build upon the strong foundation established by Monterey County Bank.
The merger will lead to several immediate changes for Monterey County Bank. The bank will significantly increase its lending limits, offer loans on investment properties and owner-occupied buildings, introduce new lines of credit, and roll out new treasury products. These changes are intended to provide businesses in the community with more options and support their growth.
PCB Financial has appointed a new leadership team to lead the bank’s strategic growth. Bill Wilson, a Northern California native with extensive experience in banking and finance, has been named CEO. Brian Constable, with 36 years of community banking experience, will serve as chief credit officer, and John Shindler, bringing nearly 30 years of experience in stabilizing and growing community banks, has been appointed CFO.
The merger marks a new chapter for Monterey County Bank, positioning it to become a more robust and adaptable banking partner for the community. The bank’s commitment to its local roots remains unwavering, with a focus on supporting businesses and contributing to the community’s growth and development.
