Pacific Commerce Bank and Vibra Bank Announce Approval of Merger Application by the Federal Reserve Bank of San Francisco
January 22 2015 - 6:00AM
Business Wire
Pacific Commerce Bank, “PFCI” (OTCQB: PFCI), and Vibra Bank
“VBBK” (OTCQB: VBBK), today announced that they have received
written approval by the Federal Reserve Bank of San Francisco for
their proposed merger, which was announced on October 30, 2014.
The merger is expected to close early in the second quarter of
2015, and upon closing the Bank will have approximately $350
million in assets and operate four branches in Los Angeles and San
Diego counties. The closing of the merger remains subject to
approval of the California Department of Business Oversight and
both PFCI and VBBK shareholders. Shareholder meetings for both
banks will be held February 23, 2015.
Vibra Bank has one branch office located in Chula Vista, and had
total assets of $140.0 million, total deposits of $125.2 million,
and total loans of $89.1 million as of December 31, 2014. Pacific
Commerce Bank has three branch offices in Los Angeles, West Los
Angeles and San Diego and had total assets of $217.8 million, total
deposits of $165.5 million and total loans of $195.8 million as of
December 31, 2014.
About Pacific Commerce Bank
Established in 2002, Pacific Commerce Bank is a
business-oriented community bank with offices in downtown Los
Angeles, West Los Angeles and San Diego. Founded by local business
owners and professionals, the Bank is focused on meeting the
diverse financial needs of its clients, and offers a full range of
loan, deposit and treasury management products and is an SBA
Preferred Lender. For more information about the Bank, please visit
our website at www.pacificcommercebank.com.
About Vibra Bank
Vibra Bank is a full-service community bank offering wide
variety of deposit and loan services to meet their customers’
needs. Deposit offerings include, among others, state-of-the-art
online banking and remote deposit capture. As an SBA Preferred
Lender, Vibra’s lending is focused on loans to small businesses and
professionals, commercial real estate, and high net-worth
individuals. Please visit our website at www.vibrabank.com for more
information.
Forward-Looking Statements
Statements made in this release, other than those concerning
historical financial information, may be considered forward-looking
statements, which speak only as of the date of this release and are
based on current expectations and involve a number of assumptions.
These include statements as to the anticipated benefits of the
merger, including future financial and operating results, cost
savings and enhanced revenues that may be realized from the merger
as well as other statements of expectations regarding the merger
and any other statements regarding future results or expectations.
Each of PFCI and VBBK intends such forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 and is including this statement for purposes of these
safe harbor provisions. The companies’ respective abilities to
predict results or the actual effect of future plans or strategies
is inherently uncertain. Factors which could have a material effect
on the operations and future prospects of each of PFCI and VBBK and
the resulting company, include but are not limited to: the
businesses of PFCI and/or VBBK may not be integrated successfully
or such integration may be more difficult, time-consuming or costly
than expected; expected revenue synergies and cost savings from the
merger may not be fully realized or realized within the expected
time frame; revenues following the merger may be lower than
expected; customer and employee relationships and business
operations may be disrupted by the merger; the ability to
obtain required regulatory and shareholder approvals, and the
ability to complete the merger on the expected timeframe may be
more difficult, time-consuming or costly than expected; changes in
interest rates, general economic conditions, legislative/regulatory
changes, monetary and fiscal policies of the U.S. government,
including policies of the U.S. Treasury and the Board of Governors
of the Federal Reserve; the quality and composition of the loan and
securities portfolios; demand for loan products; deposit flows;
competition; demand for financial services in the companies’
respective market areas; their implementation of new technologies;
their ability to develop and maintain secure and reliable
electronic systems; and accounting principles, policies, and
guidelines, and other risk factors detailed from time to time. PFCI
and VBBK undertake no obligation to update or clarify these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Pacific Commerce BankThomas Iino,
213-617-8494tiino@pacificcommercebank.comorVibra BankFrank
Mercardante, 619-651-9411fmercardante@vibrabank.com