PCB Financial Merges with Northern California Bancorp and its Monterey County Bank
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.
PCB Financial si è fusa con Northern California Bancorp (NCB) e la sua consociata Monterey County Bank (MCB), creando una banca privata con capacità ampliate. L'obiettivo della fusione è iniettare capitale in MCB per migliorare le offerte per le aziende locali. I punti chiave includono:
1. Charles Chrietzberg, ex CEO di MCB, va in pensione e diventa presidente del nuovo consiglio consultivo.
2. Anand Gala, CEO di PCB Financial, sottolinea il loro impegno a sostenere le aziende locali.
3. MCB prevede di aumentare i limiti di prestito, offrire nuovi tipi di prestiti e introdurre prodotti di tesoreria.
4. Nuovi leader nominati: Bill Wilson come CEO, Brian Constable come CCO e John Shindler come CFO.
5. La fusione trasforma NCB e MCB in una banca privata, che non è più negoziata pubblicamente.
PCB Financial se ha fusionado con Northern California Bancorp (NCB) y su filial Monterey County Bank (MCB), creando un banco privado con capacidades ampliadas. La fusión tiene como objetivo inyectar capital en MCB para mejorar las ofertas para los negocios locales. Los puntos clave incluyen:
1. Charles Chrietzberg, el ex CEO de MCB, se jubila y se convierte en presidente del nuevo consejo asesor.
2. Anand Gala, CEO de PCB Financial, enfatiza su compromiso de empoderar a las empresas locales.
3. MCB planea aumentar los límites de préstamos, ofrecer nuevos tipos de préstamos y presentar productos de tesorería.
4. Nuevos líderes nombrados: Bill Wilson como CEO, Brian Constable como CCO y John Shindler como CFO.
5. La fusión convierte a NCB y MCB en un banco privado, que ya no cotiza en bolsa.
PCB 금융이 북부 캘리포니아 뱅콥(NCB) 및 그 자회사인 몬테레이 카운티 은행(MCB)과 합병하여 능력이 확장된 민간 은행을 창립했습니다. 이번 합병의 목표는 MCB에 자본을 주입하는 것으로 지역 기업을 위한 제공을 개선하는 것입니다. 주요 사항은 다음과 같습니다:
1. Charles Chrietzberg, 이전 MCB CEO가 은퇴하고 새로운 자문위원회 의장이 됩니다.
2. PCB 금융의 CEO인 Anand Gala는 지역 기업 지원에 대한 헌신을 강조합니다.
3. MCB는 대출 한도 증대, 새로운 대출 유형 제공 및 재무 상품 도입을 계획하고 있습니다.
4. 새로운 리더십이 임명되었습니다: Bill Wilson이 CEO로, Brian Constable이 CCO로, John Shindler가 CFO로 임명되었습니다.
5. 이번 합병을 통해 NCB와 MCB는 더 이상 상장되지 않는 민간 은행으로 전환됩니다.
PCB Financial a fusionné avec Northern California Bancorp (NCB) et sa filiale Monterey County Bank (MCB), créant une banque privée avec des capacités élargies. L'objectif de la fusion est de injecter du capital dans MCB pour améliorer les offres pour les entreprises locales. Les points clés comprennent :
1. Charles Chrietzberg, ancien PDG de MCB, part à la retraite et devient président du nouveau conseil consultatif.
2. Anand Gala, PDG de PCB Financial, souligne leur engagement à soutenir les entreprises locales.
3. MCB prévoit d'augmenter les limites de prêts, d'offrir de nouveaux types de prêts et d'introduire des produits de trésorerie.
4. De nouvelles directions ont été nommées : Bill Wilson en tant que PDG, Brian Constable en tant que CCO et John Shindler en tant que CFO.
5. La fusion transforme NCB et MCB en une banque privée qui n'est plus cotée en bourse.
PCB Financial hat sich mit Northern California Bancorp (NCB) und deren Tochtergesellschaft Monterey County Bank (MCB) zusammengeschlossen und eine privat geführte Bank mit erweiterten Möglichkeiten geschaffen. Das Ziel der Fusion ist es, Kapital in MCB zu investieren, um die Angebote für lokale Unternehmen zu verbessern. Wichtige Punkte sind:
1. Charles Chrietzberg, ehemaliger CEO von MCB, tritt in den Ruhestand und wird Vorsitzender des neuen Beratungsgremiums.
2. Anand Gala, CEO von PCB Financial, betont ihr Engagement zur Förderung lokaler Unternehmen.
3. MCB plant, die Kreditlimits zu erhöhen, neue Kreditarten anzubieten und Treasury-Produkte einzuführen.
4. Neue Führungskräfte wurden ernannt: Bill Wilson als CEO, Brian Constable als CCO und John Shindler als CFO.
5. Die Fusion verwandelt NCB und MCB in eine privat geführte Bank, die nicht mehr börsennotiert ist.
- Merger infuses capital into Monterey County Bank, enhancing its financial strength
- Significant increase in lending limits for MCB, expanding business financing options
- Introduction of new products including loans on investment properties and treasury solutions
- Appointment of experienced leadership team to drive strategic growth
- Transition to privately held bank structure, potentially allowing for more flexible operations
- NCB shareholders lose public trading option for their shares
- Potential integration challenges during the merger process
- Departure of long-time CEO Charles Chrietzberg from active management
Merger Will Infuse Capital into Monterey County Bank to Expand Offerings & Capabilities to Local Businesses
"This is a really exciting time for Monterey County Bank and the businesses we serve," said Charles Chrietzberg, longtime chairman and CEO of Monterey County Bank. "Together with this new team, we'll be able to offer our clients and the business community more resources and banking products to help their businesses grow. We will always be a bank who puts our community first, and this transaction brings the right capital and leadership to strengthen our ability to support this great community of businesses."
The merger transitions NCB and Monterey County Bank into a privately held bank owned by a limited number of shareholders, and its shares are no longer publicly traded. Chrietzberg, who led the bank for more than 30 years, has retired as CEO and from chairing the Board. PCB will form a new board as well as a new advisory board, and has named Chrietzberg chairman of the advisory board where he will maintain his relationships and support the future growth of the bank.
"We have been looking for the right opportunity to invest in a bank where we can make a difference for its clients," said Anand Gala, chairman and CEO of PCB Financial. "We have the team, the resources and the experience to build on the best part of Monterey County Bank and empower the businesses in the community."
In the first few weeks after the merger, Monterey County Bank will significantly increase its lending limits, offer loans on investment properties and owner-occupied buildings, introduce new lines of credit and other short-term working capital solutions, and roll out new treasury products including remote deposit capture.
"We want to move quickly to provide the businesses in the community more of what they need," said Gala. "This initial product roll out will make a big impact for businesses, and give our new team the opportunity to strengthen relationships with clients and other members of the community while they learn how else we can customize our solutions to their needs."
PCB has appointed new leadership to lead strategic growth at the bank while supporting the needs of the community. PCB has named a new chief executive officer, Bill Wilson who is a
"Together, we will leverage our combined experience to help move businesses and community organizations forward in the region," said Chrietzberg. "Monterey County Bank will become a more strong, nimble and customizable banking partner for the community and I'm excited to work alongside this team."
ABOUT NORTHERN CALIFORNIA BANCORP & MONTEREY COUNTY BANK
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.
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SOURCE PCB Financial Inc.
FAQ
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