ALAMEDA -- The parent company of Bank of Marin has completed its merger with NorCal Community Bancorp, the parent company of Bank of Alameda, a move that provides it with more than $1.7 billion in assets and 21 offices across the Bay Area.

The transaction took effect Nov. 29 and adds approximately $230 million in deposits and $170 million in loans to Bank of Marin.

Kevin Kennedy, previously a director a Bank of Alameda and its parent company, will serve in the same capacity at Bank of Marin as a result of the merger. Kennedy is currently serving his fourth term as the city of Alameda's elected treasurer.

"The combination of these two well-respected community banks creates a strong and vibrant organization with the ability to bring value to customers, shareholders, and the local community for the long-term," Joel Sklar, the chairman of the board at Bank of Marin, said in a release. "Kevin Kennedy brings with him a deep knowledge about the local Alameda community. As a director he will keep us focused on the top priorities in that market and help us build on the success of Bank of Alameda."

The merger had an aggregate deal value of approximately $34.5 million and will be immediately accretive to Bank of Marin parent company's earnings, adding to shareholder value, according to the company.

"With the close of the merger successfully behind us, we look forward to working with the Bank of Alameda team and the local community to make a positive impact in the East Bay," said Russell Colombo, president and chief executive officer. "The majority of the client-facing team at Bank of Alameda, including former CEO Steve Andrews, will continue to serve our customers, ensuring a smooth transition with a high level of service. We are well positioned to move forward together as a trusted community bank, bringing an expanded line of products and services to new and existing customers."

While Bank of Alameda customers became Bank of Marin customers with the merger, the system conversion is expected to take place early March.

Contact Peter Hegarty at 510-748-1654 or follow him at Twitter.com/Peter_Hegarty.