American Riviera Bank Announces Completion of Holding Company Reorganization

Rhea-AI Summary

American Riviera Bank has successfully completed its reorganization into a bank holding company structure, forming American Riviera Bancorp. Following shareholder approval on January 10, 2022 and obtaining necessary regulatory approvals, the transition is now finalized. The bank remains under the same directors and officers, with shares trading under the ticker symbol ARBV. The reorganization aims to provide shareholder benefits and enhance corporate flexibility for serving Central Coast communities.

Positive

• Reorganization into a bank holding company structure completed.
• No changes in directors or executive officers, ensuring continuity.
• Shareholder benefits and enhanced corporate flexibility anticipated.

Negative

• None.

SANTA BARBARA, Calif.--(BUSINESS WIRE)-- American Riviera Bank and American Riviera Bancorp (OTCQX: ARBV) announced today that a reorganization resulting in a bank holding company structure has been completed. Following shareholder approval on January 10, 2022 and recent receipt of all requisite regulatory approvals, the holding company reorganization has been finalized and American Riviera Bank is now a wholly-owned subsidiary of American Riviera Bancorp.

There has been no change in the Bank’s directors or executive officers following the reorganization, and the Bancorp’s directors and officers are the same as the Bank’s immediately prior to the reorganization. Shares of American Riviera Bancorp common stock trade under the ticker symbol “ARBV” on the OTCQX market, the same ticker symbol used previously by American Riviera Bank. Shareholders of American Riviera Bank prior to the reorganization will now own the exact same amount of common shares of American Riviera Bancorp after the reorganization.

Jeff DeVine, President and Chief Executive Officer, commented, “We are pleased to complete the formation of American Riviera Bancorp with approvals from our shareholders and regulators, and look forward to the shareholder benefits and additional corporate flexibility the new structure will provide as we continue to serve our Central Coast communities.”

Company Profile

American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers on the Central Coast of California. The state-chartered bank opened for business on July 18, 2006, with the support of local shareholders. Full-service branches are located in Santa Barbara, Montecito, Goleta, San Luis Obispo and Paso Robles. The Bank provides commercial, residential mortgage, construction and Small Business Administration lending services as well as convenient online and mobile technology. For eleven consecutive years the Bank has been recognized for strong financial performance by the Findley Reports, and has received the highest “Super Premier” rating from Findley every year since 2016. The Bank was rated “Outstanding” by the Federal Deposit Insurance Corporation in 2020 for its performance under the Community Reinvestment Act.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220211005149/en/

American Riviera Bank

www.americanriviera.bank

805-965-5942

Michelle Martinich

Source: American Riviera Bank

FAQ

What is the recent announcement about American Riviera Bank?

American Riviera Bank has completed its reorganization into a bank holding company structure known as American Riviera Bancorp.

When was the reorganization of ARBV approved?

The reorganization was approved by shareholders on January 10, 2022.

Will there be any changes in leadership after the reorganization of ARBV?

No, there will be no changes in the bank’s directors or executive officers following the reorganization.

What ticker symbol does American Riviera Bank trade under after the reorganization?

Shares continue to trade under the ticker symbol ARBV on the OTCQX market.

What benefits are expected from the new holding company structure for ARBV?

The reorganization is expected to provide shareholder benefits and greater corporate flexibility.