BayCom, the parent company of United Business Bank, and Uniti Financial, the holding company for Uniti Bank, have received the required regulatory approvals from the Board of Governors of the Federal Reserve System and the California Department of Business Oversight for their proposed merger.

The transaction is expected to close in the second quarter of 2019, subject to approval of Uniti shareholders and the satisfaction of other customary closing conditions. Uniti’s special meeting of shareholders is scheduled for May 16, 2019 and proxy materials were mailed to shareholders as of April 10, 2019.

United Business Bank offers a full-range of loans, including SBA, FSA and USDA guaranteed loans, and deposit products and services to businesses and its affiliates in California, Washington and New Mexico. As of March 31, 2019, United Business Bank had total assets of approximately $1.5 billion.

Uniti Bank is a community bank with three locations in Southern California.