Stockton, CA — Douglass M. Eberhardt, President and Chief Executive Officer of the Bank of Stockton, announced today the execution of a purchase and assumption agreement for the acquisition of a branch of Wachovia Bank in Sonora.
Wells Fargo & Company acquired Wachovia Corporation on December 31, 2008. The transaction is expected to close in the second quarter of 2009. No terms of the agreement were announced.
The purhcase 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. 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," said Eberhardt. "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."
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