CBC Bancorp signed a a definitive agreement to acquire Bay Community Bancorp (OTCPK:CBOB.A) for $121 million on May 20, 2024. Under the terms of the agreement, CBC Bancorp will acquire Bay Community Bancorp in an all-cash transaction valued at $14.00 per common share. Community Bank of the Bay will form a new advisory board to maintain its community engagement while bank operations will be overseen by the existing Commercial Bank of California board of directors. Keller will serve as chairman and Ali will serve as president of the new CBB advisory board. Together, they will work to build out an advisory board of local leaders who align with the bank's mission.

The transaction is expected to close in late 2024 or early 2025 upon receipt of required regulatory approvals, shareholder approvals from CBC Bancorp and Bay Community Bancorp and the satisfaction of closing conditions. Raymond James & Associates Inc. served as financial advisor to CBC Bancorp and Husch Blackwell LLP acted as its legal advisor in the transaction. Janney Montgomery Scott LLC served as financial advisor to Bay Community Bancorp and Spierer, Woodward, Corbalis & Goldberg acted as its legal advisor in the transaction.