March 28, 2016
LOS ANGELES, CALIF — NCAL Bancorp (OTC Pink:NCAL), Commercial Bank of California and National Bank of California announced today they have received regulatory approval from the Federal Deposit Insurance Corporation, the Federal Reserve Bank of San Francisco and the California Department of Business Oversight for the merger of Commercial Bank of California and National Bank of California.
In the transaction, National Bank of California will be merged into Commercial Bank of California, which will continue to operate under the name Commercial Bank of California as a wholly-owned subsidiary of NCAL Bancorp. Each outstanding share of Commercial Bank of California will be converted into shares of NCAL Bancorp based on an exchange ratio to be determined prior to closing of the transaction. It is anticipated that the closing will occur on or about April 30, 2016.
“This partnership is a natural fit to building our growth strategy and franchise value by combining these two business banking institutions serving Los Angeles and Orange Counties,” said Ash Patel, Chairman of the Board of NCAL Bancorp and National Bank of California, and Chief Executive Officer of Commercial Bank of California. “The merger of Commercial Bank of California and National Bank of California provides an opportunity to create the foundation for a privately held, billion dollar bank offering customers of Los Angeles and Orange Counties access to greater financial resources.”
The combined bank will continue to serve its Los Angeles County and Orange County customer base. All existing branches of both banks will remain open after the merger; additionally, the bank has received approval to open a full-service branch in Santa Monica, which is anticipated to open in the second quarter of this year. On a pro forma basis, based on financial information as of December 31, 2015, the combined bank would have total assets of over $750 million and total deposits of over $650 million.
About Commercial Bank of California
Commercial Bank of California is a full-service bank serving the business and professional communities in Orange County from two branches located in Irvine and Brea. More information on Commercial Bank of California is available at www.cbcal.com.
About National Bank of California
National Bank of California is a full service bank headquartered in West Los Angeles serving the business and professional community from four banking offices located in Los Angeles and Orange Counties. It is a wholly-owned subsidiary of NCAL Bancorp. More information on National Bank of California is available at www.nbcal.com.
This press release contains forward-looking statements concerning NCAL Bancorp and its operations, performance, financial condition and likelihood of success. All statements other than statements of historical fact are forward-looking statements. In particular, statements about the timing and likelihood of the consummation of the acquisition and the successful integration of the employees and customers of National Bank of California and Commercial Bank of California are forward looking in nature. Forward-looking statements are based on many beliefs, assumptions, estimates and expectations of our future performance, taking into account information currently available to us, and include statements about the competitiveness of the banking industry. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond our control. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date.
We caution readers that a number of factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Among other things, our ability to retain the assets, key personnel, and customers of the two merging banks, and our ability to realize the benefits expected from this transaction, may be limited due to future risks and uncertainties including, but not limited to, changes in general economic conditions that impact our markets and our business, operational and regulatory factors that affect the attractiveness of our products and services in our new markets, actions by the Federal Reserve affecting monetary and fiscal policy, regulatory and legislative actions that may constrain our ability to do business, and the competitive environment
Ash Patel, (877) 206-9167
About Commercial Bank of California — Commercial Bank of California is a full-service bank serving the business and professional communities in Orange County from two branches located in Irvine and Brea. More information on Commercial Bank of California is available at www.cbcal.com.
Media Contact: Sara Fizer | (714) 431-7001 | email@example.com