Douglass M. Eberhardt, President and Chief Executive Officer of Bank of Stockton, announced today the execution of a purchase and assumption agreement for the acquisition of a branch of Wachovia Bank, N.A. in Sonora, California. Wells Fargo & Company acquired Wachovia Corporation on December 31, 2008.
The transaction, terms of which were not disclosed, is expected to close in the second quarter of 2009. It will increase Bank of Stockton’s assets to approximately $1.85 billion and give Bank of Stockton new representation in Tuolumne County, in addition to its existing locations in Amador, Calaveras, San Joaquin, Solano and Stanislaus Counties, resulting in a 17 branch footprint in contiguous market areas.
“We’ve been indirectly serving Sonora through our Stockton Headquarters since 1867, in addition to our Angels Camp office for many years, and are very excited to be able to service our Sonora customers with this new location,” says Eberhardt. “We look forward to sharing our personalized service philosophy, technological banking conveniences, and our 141 year history of strength and stability with the Sonora community. Although the name of the bank will change to Bank of Stockton, it is our intention to keep the friendly staff that the community knows. We warmly welcome the Sonora branch employees into our Bank of Stockton family,” he said.
Bank of Stockton is one of the largest, locally owned community banks in the State of California, and the oldest bank in the state still operating under its original charter. Established in 1867, just two years after the Civil War, Bank of Stockton has earned an excellent reputation through its philosophy of local management, superior customer service, innovative technology and a strong commitment to the communities we serve.
D.C.