First Community Bancorp Announces Completion of the Merger With Community Bancorp Inc. and Consolidation of Banks Into Pacific W
October 27 2006 - 10:00AM
PR Newswire (US)
- Merger and Consolidation Creates $5.5 Billion Consolidated Asset
Bank Under the Banner Pacific Western Bank - SAN DIEGO, Oct. 27
/PRNewswire-FirstCall/ -- First Community Bancorp (NASDAQ:FCBP)
today announced that on October 26, 2006 it completed its
previously announced merger with Community Bancorp Inc.
(NASDAQ:CMBC), the holding company for Community National Bank,
which had approximately $880.1 million in consolidated assets at
September 30, 2006. With the completion of this merger, Community
National Bank merged into First National Bank, a wholly-owned
subsidiary of First Community Bancorp. Immediately following the
merger with Community National, First National Bank merged into its
affiliate Pacific Western Bank. As a result, First Community
Bancorp now has a single subsidiary, Pacific Western Bank, with
$5.5 billion in consolidated assets and 65 branches across Los
Angeles, Orange, Riverside, San Bernardino and San Diego Counties,
and one branch in San Francisco, California. In the merger with
Community Bancorp, each share of Community Bancorp common stock was
converted into the right to receive 0.735 of a share of First
Community common stock. First Community will issue an estimated
4,678,405 shares of First Community common stock to Community
Bancorp stockholders. Approximately $6.1 million in cash was
delivered to holders of outstanding and unexercised Community
Bancorp options. Based on the closing price of First Community's
common stock on October 26, 2006 of $54.18 per share, the aggregate
consideration to be paid to Community Bancorp stockholders and
holders of options to acquire Community Bancorp common stock is
approximately $259.6 million. As previously announced, Michael J.
Perdue, formerly president and chief executive officer of Community
Bancorp, has been named president of First Community Bancorp and
president, and a director, of Pacific Western Bank. Mr. Perdue
reports to Matt Wagner, chief executive officer of First Community
and chairman and chief executive officer of Pacific Western Bank.
Additionally, Robert M. Borgman, executive vice president of the
Company and formerly president and chief executive officer of First
National Bank, has been named executive vice president, credit
administration, for both First Community Bancorp and Pacific
Western Bank, reporting to Mr. Wagner. Mr. Borgman has also joined
Pacific Western's board of directors. Effective October 27, 2006,
Mr. Gary W. Deems, former chairman of Community Bancorp and Mr.
Mark N. Baker, a former director of Community Bancorp, have joined
First Community's board of directors. The integration of Community
National Bank systems and the conversion of Community National
Bank's branches to Pacific Western Bank's operating platform are
scheduled to be completed in November 2006. The integration of the
First National Bank's systems and branches with Pacific Western
Bank's platform is scheduled to be completed in February 2007. In
connection with the consolidation of First National into Pacific
Western Bank, First National's wholly-owned subsidiary and
asset-based lender, First Community Financial Corp., was
reorganized as a division of Pacific Western Bank. Additionally,
First Community Bancorp and Pacific Western Bank have each
established San Diego, California as the location of their
headquarters. ABOUT FIRST COMMUNITY BANCORP First Community Bancorp
is a bank holding company with $4.6 billion in assets as of
September 30, 2006. On a pro forma consolidated basis with
Community Bancorp, First Community would have had approximately
$5.5 billion in assets as of September 30, 2006. Through its
wholly-owned subsidiary Pacific Western Bank, First Community
provides commercial banking services, including real estate,
construction and commercial loans, and asset-based lending to small
and medium-sized businesses. Pacific Western has 65 branches
located across Los Angeles, Orange, Riverside, San Bernardino and
San Diego Counties, and one branch in San Francisco, California
(which includes the branches of Community National Bank and First
National Bank acquired in October 2006). Through its loan
production offices in Arizona and Texas, Pacific Western also
provides working capital for growing business across the
Southwestern United States. Additional information regarding First
Community Bancorp is available on the Internet at
http://www.firstcommunitybancorp.com/. Information regarding
Pacific Western Bank is also available on the Internet at
http://www.pacificwesternbank.com/. DATASOURCE: First Community
Bancorp CONTACT: Matthew P. Wagner, Chief Executive Officer,
+1-310-728-1020, or fax, +1-310-201-0498, or Michael J. Perdue,
President, +1-760-432-1150, or fax, +1-760-432-1119, both of First
Community Bancorp Web site: http://www.pacificwesternbank.com/ Web
site: http://www.firstcommunitybancorp.com/
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