Annie and William Hockey signed an agreement to acquire Northern California National Bank (OTCPK:NCNB) ("NorCal") for approximately $50 million on March 8, 2021. Pursuant to the agreement, investors will seek to acquire 100% of the shares of NorCal through a tender offer to all its stockholders. Pursuant to the agreement, the investors will offer $33.07 in cash for each share of NorCal common stock. After the investor's acquisition of the tendered shares, NorCal will continue to operate as Northern California National Bank and current Chief Executive Officer and President Todd Lewis will remain in an active leadership role with other members of NorCal's senior management.

The proposed transaction is subject to the tendering of at least 67% of the outstanding shares held by NorCal shareholders as well as required regulatory approval and other conditions specified in the agreement. The transaction is expected to close in the second half of 2021. Piper Sandler & Co. acted as financial advisor to NorCal and delivered a fairness opinion to the Board of Directors of NorCal. Kirton McConkie, PC and Manatt, Phelps & Phillips, LLP served as legal counsel to NorCal. Hovde Group, LLC acted as financial advisor to the investors. Luse Gorman, PC served as legal counsel to the investors. Hovde Group, LLC acted as financial advisor to Northern California National Bank.

Annie and William Hockey completed the acquisition of 94.1% stake in Northern California National Bank (OTCPK:NCNB) ("NorCal") for $45.1 million on July 9, 2021. As of the expiration of the tender offer, a total of 1.36 million shares of NorCal, representing approximately 94.1% stake, were validly tendered. As a result of the completion of the tender offer, all NorCal stockholders, Northern California Board of Directors have approved a 50,000 for one reverse stock split and the resulting cash out of the remaining shares of NorCal common stock not held by the Investors, subject to applicable regulatory approval. In the reverse stock split, any stockholder with less than 50,000 shares will receive a fractional interest in a share of Northern California common stock and such fractional interest shall give the holder the right to receive a cash payment equal to $33.07 per share, based on the number of shares held prior to reverse stock split, unless such holder properly exercises appraisal rights. The $33.07 per share valuation for the cash payment for fractional interests is the same price paid by the Investors to Northern California stockholders for all tendered shares. Hovde Group, LLC acted as financial advisors to investors.