PCB Financial Extends Election Form Submission Deadline in Merger with Northern California Bancorp to September 13, 2024
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 Inc. (PCB) e Northern California Bancorp Inc. (NCB) hanno prolungato la scadenza per la presentazione dei Moduli di Scelta relativi alla loro recente fusione al 13 settembre 2024. Questa estensione offre agli azionisti di NCB più tempo per scegliere la loro forma preferita di considerazione per la fusione: denaro, azioni o una combinazione. La fusione, annunciata il 21 agosto 2024, ha portato NCB e la sua filiale, Monterey County Bank, a diventare sussidiarie interamente controllate da PCB. Questa mossa mira a iniettare nuovo capitale e migliorare i servizi bancari per le imprese locali. Gli azionisti che non presenteranno un Modulo di Scelta entro la nuova scadenza vedranno la loro compensazione determinata in base alle procedure di proration e allocazione delineate nell'accordo di fusione.
PCB Financial Inc. (PCB) y Northern California Bancorp Inc. (NCB) han ampliado la fecha límite para la presentación de los Formularios de Elección relacionados con su reciente fusión al 13 de septiembre de 2024. Esta extensión permite a los accionistas de NCB más tiempo para elegir su forma preferida de consideración de fusión: efectivo, acciones o una combinación. La fusión, anunciada el 21 de agosto de 2024, ha resultado en que NCB y su filial, Monterey County Bank, se conviertan en subsidiarias de propiedad total de PCB. La medida tiene como objetivo inyectar nuevo capital y mejorar los servicios bancarios para las empresas locales. Los accionistas que no presenten un Formulario de Elección antes de la nueva fecha límite tendrán su compensación determinada según los procedimientos de prorrateo y asignación establecidos en el acuerdo de fusión.
PCB Financial Inc. (PCB)와 Northern California Bancorp Inc. (NCB)는 최근 합병과 관련된 선택 양식 제출 마감일을 연장하여 2024년 9월 13일로 설정했습니다. 이 연장은 NCB 주주들에게 현금, 주식 또는 이들의 조합 중 선호하는 합병 보상 방식을 선택할 수 있는 더 많은 시간을 제공합니다. 2024년 8월 21일에 발표된 이 합병은 NCB와 그 자회사인 Monterey County Bank가 PCB의 완전 자회사로 전환되는 결과를 가져왔습니다. 이 조치는 새로운 자본을 주입하고 지역 기업을 위한 은행 서비스를 향상시키기 위함입니다. 새로운 마감일까지 선택 양식을 제출하지 않은 주주는 합병 계약에 명시된 비례 배분 및 할당 절차에 따라 보상이 결정됩니다.
PCB Financial Inc. (PCB) et Northern California Bancorp Inc. (NCB) ont prolongé la date limite pour soumettre les Formulaires de Choix liés à leur récente fusion au 13 septembre 2024. Cette extension permet aux actionnaires de NCB de disposer de plus de temps pour choisir leur forme préférée de compensation de fusion : espèces, actions ou une combinaison. La fusion, annoncée le 21 août 2024, a conduit NCB et sa filiale, Monterey County Bank, à devenir des filiales entièrement détenues par PCB. Cette démarche vise à injecter de nouveaux capitaux et améliorer les services bancaires pour les entreprises locales. Les actionnaires qui ne soumettent pas de Formulaire de Choix avant la nouvelle date limite verront leur compensation déterminée selon les procédures de proratisation et d'allocation décrites dans l'accord de fusion.
Die PCB Financial Inc. (PCB) und die Northern California Bancorp Inc. (NCB) haben die Frist zur Einreichung der Wahlformulare im Zusammenhang mit ihrer kürzlichen Fusion auf den 13. September 2024 verlängert. Diese Verlängerung gibt den NCB-Aktionären mehr Zeit, um ihre bevorzugte Form der Fusionsvergütung zu wählen: Bargeld, Aktien oder eine Kombination. Die Fusion, die am 21. August 2024 angekündigt wurde, hat dazu geführt, dass NCB und ihre Tochtergesellschaft Monterey County Bank vollständig im Besitz von PCB sind. Diese Maßnahme zielt darauf ab, neues Kapital zuzuführen und die Bankdienstleistungen für lokale Unternehmen zu verbessern. Aktionäre, die bis zur neuen Frist kein Wahlformular einreichen, werden ihre Entschädigung basierend auf den im Fusionsvertrag beschriebenen Verfahrensweisen zur Anteilsverteilung und Zuteilung erhalten.
- Merger completed between PCB Financial and Northern California Bancorp
- Extended deadline for shareholders to submit Election Forms, providing more flexibility
- Potential for enhanced banking services and capabilities for local businesses
- Infusion of new capital into the merged entity
- None.
This extension ensures that all shareholders are provided adequate time to make their preferred election regarding the compensation they will receive following the merger of the two companies, which was announced on August 21, 2024. NCB and its wholly owned subsidiary, Monterey County Bank (MCB), are now wholly owned subsidiaries of PCB. The merger is aimed at infusing new capital and enhancing the bank's offerings to local businesses, expanding its capabilities.
"We're committed to giving shareholders every opportunity to participate fully in this process," said Anand Gala, Chairman and CEO of PCB Financial. "Extending the Election Form deadline allows for greater flexibility as we move forward with our plans to grow and support the communities we serve."
Shareholders who do not submit an Election Form by the new deadline will have their merger consideration determined based on proration and allocation procedures as outlined in the merger agreement.
ABOUT
Northern California Bancorp, Inc. (OTC: NRLB) was publicly traded bank holding company that engaged in commercial banking through its wholly owned subsidiary Monterey County Bank. The bank is the oldest locally owned, locally managed bank in
ABOUT PCB FINANCIAL, INC
PCB Financial is a privately held investment firm based in
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements regarding PCB, NCB, the proposed merger, and the combined company that 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. These statements involved inherent risks, uncertainties, and contingencies, many of which are difficult to predict and are generally beyond the control of PCB, NCB, MCB and the combined company. We caution readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to: adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; MCB's financial condition may deteriorate resulting in adverse action by regulators with authority over PCB, NCB and/or MCB; the personnel changes/retention might not proceed as planned; and the combined company might not perform as well as expected. Forward-looking statements speak only as of the date they are made.
View original content:https://www.prnewswire.com/news-releases/pcb-financial-extends-election-form-submission-deadline-in-merger-with-northern-california-bancorp-to-september-13-2024-302238706.html
SOURCE PCB Financial Inc.
FAQ
What is the new deadline for NCB shareholders to submit Election Forms for the PCB Financial merger?
What options do NCB shareholders have for merger consideration in the PCB Financial deal?
When was the merger between PCB Financial and Northern California Bancorp announced?
What happens if NCB shareholders don't submit an Election Form by the deadline?
