PCB Financial Inc. (PCB) and Northern California Bancorp Inc. (NCB) have extended the deadline for submitting Election Forms related to their recent merger to September 13, 2024. This extension allows NCB shareholders more time to choose their preferred form of merger consideration: cash, stock, or a combination. The merger, announced on August 21, 2024, has resulted in NCB and its subsidiary, Monterey County Bank, becoming wholly owned subsidiaries of PCB. The move aims to infuse new capital and enhance banking services for local businesses. Shareholders who don't submit an Election Form by the new deadline will have their compensation determined based on proration and allocation procedures outlined in the merger agreement.
PCB Financial has merged with Northern California Bancorp (NCB) and its subsidiary Monterey County Bank (MCB), creating a privately held bank with expanded capabilities. The merger aims to infuse capital into MCB to enhance offerings for local businesses. Key points include:
1. Charles Chrietzberg, former MCB CEO, retires and becomes chairman of the new advisory board.
2. Anand Gala, PCB Financial's CEO, emphasizes their commitment to empowering local businesses.
3. MCB plans to increase lending limits, offer new loan types, and introduce treasury products.
4. New leadership appointed: Bill Wilson as CEO, Brian Constable as CCO, and John Shindler as CFO.
5. The merger transitions NCB and MCB into a privately held bank, no longer publicly traded.