Santa Cruz County Bank and 1st Capital Bank agree to merge.

Salinas-based 1st Capital Bank is merging with Santa Cruz County Bank, the institutions announced on Monday, May 20.

Both boards of directors of West Coast Community Bancorp (the parent company of Santa Cruz County Bank) and 1st Capital Bancorp unanimously approved the merger. The all-stock transaction is valued at $63 million. 

Various regulatory approvals are expected to be completed by the end of the year. Once complete, Santa Cruz County Bank President and CEO Krista Snelling will lead the combined bank with nearly $3 billion in assets.

“We are thrilled to announce this exciting merger with 1st Capital Bank, a strategic move that underscores our commitment to sustained growth and exceptional service,” Snelling said in a press release. “Our institutions have a rich history of serving our communities with dedication and passion, and this merger will only strengthen that commitment. 1st Capital Bank has built an impressive deposit market share, especially within Monterey County, and a solid reputation for expertise in business lending.”

Santa Cruz County Bank, founded in 2004, opened its first Monterey County branch in Monterey in 2021, and followed that up with a Salinas branch in 2023. Its other branches are located across Santa Cruz County as well as Cupertino.

1st Capital Bank operates five branches in Monterey, Salinas, King City, Santa Cruz and San Luis Obispo.

For now, it's business as usual for clients of both banks until the merger closes. A new name for the combined banks will be announced later.