LOS ANGELES -- (Business Wire)
Pacific Commerce Bank, “PFCI” (OTCQB: PFCI), and Vibra Bank “VBBK”
(OTCQB: VBBK), today announced that they have received approval by the
California Department of Business Oversight, their final regulatory
approval, for their proposed merger announced October 30, 2014.
PFCI and VBBK are preparing for closing the merger, which they presently
expect to occur on or about April 7, 2015. Following the merger, 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 customary closing conditions contained in the
merger agreement.
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.
Contacts:
Pacific Commerce Bank
Thomas Iino, 213-617-8494
tiino@pacificcommercebank.com
or
Vibra
Bank
Frank Mercardante, 619-651-9411
fmercardante@vibrabank.com
Source: Pacific Commerce Bank
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