On Friday, August 25, 2017, People’s Bank of Commerce (OTCBB: PBCO) and Capital Associates, which is doing business as Steelhead Finance, announced that People’s Bank would be acquiring Steelhead in a cash and stock transaction. People’s Bank is a locally owned and managed. It is based out of Medford, Oregon and has total assets of $282 million with Deposits of $253 million and loans of $202 million. At this point in time, People’s Bank of Commerce runs five locations in Medford, Central Point, Grants Pass and Ashland.
Steelhead Finance is a financial factoring company, which is headquartered in Medford, Oregon. The firm specializes in providing financial services to the trucking industry. The firm is privately held and has been in business for 36 years. Steelhead owns and operates the only community commercial bank with headquarters south of Eugene.
People’s Bank of Commerce believes Steelhead will help diversify its income sources. Current CEO of Steelhead, Roger Hull, will retire once the merger has been completed. Steelhead’s president, Bill Stewart, is expected to remain in place and will report directly to president and CEO of People’s Bank, Ken Trautman.
All Steelhead employees will be retained after the merger. After the transaction is finalized, Steelhead will operate as a wholly owned subsidiary of People’s Bank.