This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank Of Commerce Mortgage Buys Back 51% Of Capital Stock

SAN RAMON, Calif., Oct. 9, 2012 /PRNewswire/ -- Bank of Commerce Mortgage (BOCM) has agreed to re-acquire 51% of its' capital stock from Bank of Commerce Holdings (NASDAQ: BOCH).  In May 2009, Bank of Commerce Holdings purchased a majority position of Simonich Corporation dba Bank of Commerce Mortgage - a residential mortgage banking company headquartered in San Ramon, California.

In the terms of the agreement, Bank of Commerce Holdings will sell back the 51% ownership position to the partners of Simonich Corporation - Scott Simonich and Mario De Tomasi. This agreement also provides for a continued relationship between the two companies on the funding side and places both parties in a positive strategic position to pursue their core competencies.

"We are happy that Bank of Commerce Holdings recognized the value of our strong mortgage franchise and our dedicated employees," said Scott Simonich, President and CEO of Bank of Commerce Mortgage. "This agreement reaffirms our commitment to focus on our strategy of building our mortgage banking franchise significantly in multiple locations and to also continue our valuable lending relationship with BOCH." 

Patrick J. Moty, President and CEO of Bank of Commerce Holdings said "We are pleased to announce this sale, as it further aligns our strategic focus on core banking, enables us to redeploy capital and to continue our relationship with Simonich Corporation as a lender."

The transaction is expected to close in the third quarter of 2012. Mario De Tomasi, CFO and COO of Bank of Commerce Mortgage commented on the re-acquisition, "From an operational perspective, very little will change. Bank of Commerce Holdings has always been a passive investor and has allowed our management team to fully manage the company. In order to carry out our long term strategy, our partnership with BOCH was destined to evolve. This is an important strategic move - as this acquisition strengthens our company in numerous ways and will bring about exciting changes - including business development opportunities."

Bank of Commerce Mortgage (BOCM) was named one of the Top Work Places in the Bay Area for 2012.

About Bank of Commerce Mortgage:

As a HUD approved lender, BOCM approves and funds FHA, VA and USDA loans in addition to jumbo, conforming and reverse mortgages. BOCM provides loan originators with the ability to close transactions quickly and offers mortgage loans tailored to fit the needs of borrowers.  Made up of some of the industry's most trusted mortgage professionals, BOCM provides the right combination of people, technology and financial strength. Bank of Commerce Mortgage is headquartered in San Ramon, California and serves customers from a wide range of locations throughout California, Colorado and Nevada. BOCM welcomes inquiries from those interested in joining our dynamic team (visit For more information regarding BOCM please call (925) 275-6844 or visit the company's website at                                                        

Media Contact: Scott HarrisBank of Commerce Mortgage(925) 275-6844

SOURCE Bank of Commerce Mortgage

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs