CMBC Community Bancorp

- Community Bancorp Inc. Shareholders Overwhelmingly Approve Principal Terms of Agreement and Plan of Merger With First Community Bancorp - RANCHO SANTA FE, Calif., Sept. 28 /PRNewswire-FirstCall/ -- First Community Bancorp (NASDAQ:FCBP) and Community Bancorp Inc. (NASDAQ:CMBC) announced today that each company had received the shareholder approvals it sought in connection with First Community's previously announced acquisition of Community Bancorp. At a special shareholders meeting held on Wednesday September 27, 2006, 56.8 % of Community Bancorp's outstanding shares of common stock were voted to approve the principal terms of the agreement and plan of merger with First Community, which represented approximately 94% of shares voted. First Community Bancorp shareholders also held a special meeting of shareholders on September 27 to approve a bylaw amendment providing that the number of directors on the First Community board will range from seven to fifteen, with the exact number at any time to be determined by resolution of the board of directors. The amendment also eliminates the requirement to seek shareholder approval in the future to change the range of directors. The proposal was approved by 74.3 % of the outstanding shares of First Community Bancorp, which represented approximately 99 % of the shares voted. As previously announced, it is anticipated that Gary W. Deems, Chairman of Community Bancorp, and Mark N. Baker, director of Community Bancorp, will join First Community's board of directors following completion of the acquisition. TIMING FOR COMPLETION OF THE ACQUISITION As previously announced, First Community's subsidiaries, Pacific Western Bank and First National Bank, have filed an application with the Federal Deposit Insurance Corporation to merge First National Bank into Pacific Western Bank immediately following the completion of the acquisition of Community Bancorp and the merger of Community National Bank into First National Bank. As a result, upon completion of the acquisition of Community Bancorp and merger of First National into Pacific Western (and following necessary system conversions), Community National Bank customers will become Pacific Western Bank customers. In July 2006, First National Bank received the approval of the Office of the Comptroller of the Currency to merge Community National Bank into First National Bank. Currently, First Community and Community Bancorp expect to complete First Community's acquisition of Community Bancorp in the first half of November 2006. ABOUT FIRST COMMUNITY BANCORP First Community Bancorp is a bank holding company with $4.6 billion in assets as of June 30, 2006, with two wholly-owned banking subsidiaries, Pacific Western Bank and First National Bank. Through the banks' 56 full-service community banking branches, First Community provides commercial banking services, including real estate, construction and commercial loans, to small and medium-sized businesses. Pacific Western has 43 branches located in Los Angeles, Orange, Riverside and San Bernardino Counties, and in San Francisco, California and First National Bank has 13 branches across San Diego County. Through its subsidiary First Community Financial, First National provides working capital financing to growing companies located throughout the Southwest, primarily in the states of Arizona, California and Texas. Additional information regarding First Community Bancorp is available on the Internet at http://www.firstcommunitybancorp.com/. Information regarding Pacific Western Bank and First National Bank is also available on the Internet at http://www.pacificwesternbank.com/ and http://www.banksandiego.com/, respectively. ABOUT COMMUNITY BANCORP INC. Community Bancorp Inc. is a bank holding company with $897 million in assets as of June 30, 2006, with a wholly-owned banking subsidiary, Community National Bank, headquartered in Escondido, California. The bank's primary focus is community banking, providing commercial banking services including commercial, real estate and SBA loans to small and medium sized businesses. The bank serves San Diego County and southwest Riverside County with twelve community banking offices in Bonsall, Corona, El Cajon, Encinitas, Escondido, Fallbrook, La Mesa, Murrieta, Rancho Bernardo, Santee, Temecula, and Vista, and has additional SBA loan production offices that originate loans in California, Arizona and Nevada. FORWARD-LOOKING STATEMENTS This press release contains certain forward-looking information about First Community Bancorp, Community Bancorp Inc. and the combined company after completion of the acquisition. These forward-looking statements are intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of First Community and Community Bancorp. First Community and Community Bancorp caution readers that a number of important factors could cause actual results to differ materially from those expressed in, implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: the possibility that personnel changes will not proceed as planned; planned acquisitions and relative cost savings cannot be realized or realized within the expected time frame; revenues are lower than expected; competitive pressure among depository institutions increases significantly; the integration of acquired businesses costs more, takes longer or is less successful than expected; the cost of additional capital is more than expected; a change in the interest rate environment reduces interest margins; general economic conditions, either nationally or in the market areas in which First Community and Community Bancorp do business, are less favorable than expected; legislative or regulatory requirements or changes adversely affect First Community's or Community Bancorp's respective businesses; changes in the securities markets; First Community's ability to consummate the acquisition of Community Bancorp, or the merger of its subsidiaries Pacific Western Bank and First National Bank, or to achieve expected synergies and operating efficiencies within expected time-frames or at all or to successfully integrate Community Bancorp's operations; regulatory approvals for the proposed transactions cannot be obtained on the terms expected or on the anticipated schedule; and other risks that are described in each of First Community's and Community Bancorp's public filings with the U.S. Securities and Exchange Commission (the "SEC"). If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, First Community's or Community Bancorp's results could differ materially from those expressed in, implied or projected by, such forward-looking statements. First Community and Community Bancorp assume no obligation to update such forward-looking statements. DATASOURCE: First Community Bancorp; Community Bancorp Inc. CONTACT: Matthew P. Wagner, President and Chief Executive Officer of First Community Bancorp, +1-310-458-1521, ext. 271; Michael J. Perdue, President and Chief Executive Officer of Community Bancorp Inc., +1-760-432-1114 Web site: http://www.pacificwesternbank.com/ Web site: http://www.banksandiego.com/ Web site: http://www.firstcommunitybancorp.com/

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