West Coast Community Bancorp and 1st Capital Bancorp Announce Completion of Merger
West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp have successfully completed their merger on October 1, 2024. The merged entity will operate under a new brand, West Coast Community Bank, starting in the second quarter of 2025. Kurt J. Gollnick and Daniel R. Hightower, M.D., former leaders of 1st Capital Bancorp, have joined the boards of Bancorp and Bank.
The merger creates one of the largest community banks on the Central Coast, with total assets of approximately $2.8 billion. Each share of 1st Capital Bancorp common stock was converted into 0.36 shares of Bancorp common stock. The combined bank aims to leverage its increased scale and lending capacity to serve larger business relationships while maintaining its community focus.
Systems conversion is expected to complete in mid-December. The merger is anticipated to enhance the bank's ability to invest in advanced technology and products while maintaining exceptional client service standards.
West Coast Community Bancorp (OTCQX: SCZC) e 1st Capital Bancorp hanno completato con successo la loro fusione il 1 ottobre 2024. L'entità risultante opererà sotto un nuovo marchio, West Coast Community Bank, a partire dal secondo trimestre del 2025. Kurt J. Gollnick e Daniel R. Hightower, M.D., ex leader di 1st Capital Bancorp, si sono uniti ai cda di Bancorp e della Banca.
La fusione crea una delle più grandi banche comunitarie della Costa Centrale, con attivi totali di circa $2,8 miliardi. Ogni azione ordinaria di 1st Capital Bancorp è stata convertita in 0,36 azioni ordinaria di Bancorp. La banca risultante intende sfruttare la sua maggiore scala e capacità di prestito per servire relazioni imprenditoriali più ampie, mantenendo al contempo il proprio focus sulla comunità.
La conversione dei sistemi dovrebbe completarsi a metà dicembre. Si prevede che la fusione migliori la capacità della banca di investire in tecnologie avanzate e prodotti, mantenendo standard eccezionali nel servizio ai clienti.
West Coast Community Bancorp (OTCQX: SCZC) y 1st Capital Bancorp han completado con éxito su fusión el 1 de octubre de 2024. La entidad fusionada operará bajo una nueva marca, West Coast Community Bank, a partir del segundo trimestre de 2025. Kurt J. Gollnick y Daniel R. Hightower, M.D., antiguos líderes de 1st Capital Bancorp, se han unido a las juntas de Bancorp y del Banco.
La fusión crea uno de los bancos comunitarios más grandes de la Costa Central, con activos totales de aproximadamente $2.8 mil millones. Cada acción común de 1st Capital Bancorp se convirtió en 0.36 acciones de Bancorp. El banco combinado tiene como objetivo aprovechar su mayor escala y capacidad de préstamo para atender relaciones comerciales más grandes, mientras mantiene su enfoque en la comunidad.
Se espera que la conversión de sistemas se complete a mediados de diciembre. Se anticipa que la fusión mejorará la capacidad del banco para invertir en tecnología avanzada y productos, manteniendo estándares excepcionales en el servicio al cliente.
웨스트코스트 커뮤니티 뱅코프 (OTCQX: SCZC)와 1st 캐피털 뱅코프는 2024년 10월 1일 성공적으로 합병을 완료했습니다. 합병된 법인은 2025년 2분기부터 웨스트코스트 커뮤니티 은행이라는 새로운 브랜드로 운영됩니다. Kurt J. Gollnick와 Daniel R. Hightower, M.D.는 1st 캐피털 뱅코프의 전 리더로, 뱅코프와 은행의 이사회에 합류했습니다.
이번 합병으로 중부 해안에서 가장 큰 커뮤니티 은행 중 하나가 탄생하며, 총 자산은 약 $28억에 달합니다. 1st 캐피털 뱅코프의 일반 주식은 0.36주로 뱅코프의 일반 주식으로 전환되었습니다. 통합 은행은 증가된 규모와 대출 능력을 활용하여 더 큰 비즈니스 관계를 서비스하면서 커뮤니티 중심의 운영을 유지하고자 합니다.
시스템 변환은 12월 중순에 완료될 것으로 예상됩니다. 이번 합병은 은행이 첨단 기술 및 제품에 투자하고 뛰어난 고객 서비스 기준을 유지하는 능력을 향상시킬 것으로 기대됩니다.
West Coast Community Bancorp (OTCQX: SCZC) et 1st Capital Bancorp ont réussi à finaliser leur fusion le 1er octobre 2024. L'entité fusionnée opérera sous une nouvelle marque, West Coast Community Bank, à partir du deuxième trimestre de 2025. Kurt J. Gollnick et Daniel R. Hightower, M.D., anciens dirigeants de 1st Capital Bancorp, ont rejoint les conseils d'administration de Bancorp et de la Banque.
La fusion crée l'une des plus grandes banques communautaires de la Côte Centrale, avec des actifs totalisant environ 2,8 milliards de dollars. Chaque action ordinaire de 1st Capital Bancorp a été convertie en 0,36 action ordinaire de Bancorp. La banque combinée vise à tirer parti de son échelle accrue et de sa capacité de prêt pour servir des relations commerciales plus importantes, tout en conservant son orientation communautaire.
La conversion des systèmes devrait être achevée à la mi-décembre. La fusion devrait améliorer la capacité de la banque à investir dans des technologies et produits avancés tout en maintenant des normes exceptionnelles de service client.
West Coast Community Bancorp (OTCQX: SCZC) und 1st Capital Bancorp haben am 1. Oktober 2024 erfolgreich ihre Fusion abgeschlossen. Das fusionierte Unternehmen wird ab dem zweiten Quartal 2025 unter einer neuen Marke, West Coast Community Bank, tätig sein. Kurt J. Gollnick und Daniel R. Hightower, M.D., ehemalige Führungskräfte von 1st Capital Bancorp, sind den Vorständen von Bancorp und der Bank beigetreten.
Die Fusion schafft eine der größten Gemeinschaftsbanken an der Central Coast mit insgesamt etwa 2,8 Milliarden US-Dollar an Vermögenswerten. Jede Aktie von 1st Capital Bancorp wurde in 0,36 Aktien von Bancorp umgewandelt. Die fusionierte Bank zielt darauf ab, ihre erhöhte Größe und Kreditvergabe-Kapazität zu nutzen, um größere Geschäftsbeziehungen zu bedienen, während sie ihren gemeinnützigen Fokus beibehält.
Die Systemumstellung wird voraussichtlich Mitte Dezember abgeschlossen sein. Die Fusion wird voraussichtlich die Fähigkeit der Bank verbessern, in moderne Technologie und Produkte zu investieren und gleichzeitig herausragende Service-Standards für die Kunden aufrechtzuerhalten.
- Merger creates one of the largest community banks on the Central Coast with $2.8 billion in assets
- Increased scale and lending capacity allows for larger business relationships
- Addition of experienced board members from 1st Capital Bancorp
- Expanded geographic reach while maintaining community bank focus
- None.
Kurt J. Gollnick and Daniel R. Hightower, M.D. Join as Directors
Banking offices for 1st Capital Bank will operate as "a division of Santa Cruz County Bank" until the launch of a new bank name in the second quarter of 2025. All branches of the combined bank will be rebranded as West Coast Community Bank. The new brand reflects the Bank's commitment to serving a larger territory while maintaining its community bank focus and personalized service delivery.
Kurt J. Gollnick and Daniel R. Hightower, M.D., former Chairman and Vice Chairman of 1st Capital Bancorp and 1st Capital Bank, respectively, have joined the boards of Bancorp and Bank. Mr. Gollnick will serve as vice chairman of both boards.
"We are thrilled to announce the completion of this merger, which brings together two community banks that have shared a similar business model and success in serving their communities on every level, from volunteerism to commercial lending. We welcome two longstanding and founding directors of 1st Capital Bank to our boards, each of whom brings extensive knowledge and a wealth of community banking experience. We look forward to serving an expanded geographic region with our expanded team," said Stephen Pahl, Chairman of Bancorp and Bank.
"The successful merger of our two institutions positions us as one of the largest community banks on the Central Coast. Our greater overall scale and lending capacity will allow for larger business relationships and continued investment in the most advanced technology and products. We remain committed to maintaining our exceptional client service standards and community focus that have been hallmarks of the success achieved by both community banks," stated Krista Snelling, President and CEO of Bancorp and Bank.
At the effective time of the closing, each share of 1st Capital Bancorp common stock was converted into the right to receive 0.36 shares of common stock of Bancorp. The resulting company, with total assets of approximately
ABOUT
Founded in 2004, Santa Cruz County Bank is the wholly owned subsidiary of West Coast Community Bancorp, a bank holding company. The Bank is a top-rated, locally operated and full-service community bank headquartered in
NATIONAL, STATE AND LOCAL RATINGS AND AWARDS
- 2024 OTCQX Best 50: West Coast Community Bancorp "SCZC" stock ranked 37th for stock performance based on total return and growth in average daily dollar volume in 2023.
- American Banker Magazine Top 100 Community Banks: The Bank has ranked in the Top Community Banks list for 10 consecutive years based upon 3-year average equity for banks under
$2 billion - 2024 ICBA Top-Performing Community Banks: The Bank ranked 12 out of 25 top banks with assets over
$1 billion - The Findley Reports, Inc.: The Bank has received the top ranking of Super Premier for 14 consecutive years.
- Bauer Financial Reports, Inc.: The Bank is rated 5-star "Superior" based upon its financial performance.
- Silicon Valley Business Journal: The Bank is the top ranked, #1 lender by number of SBA loans and #3 ranked by total dollar volume lent to Silicon Valley businesses from October 1, 2022, to September 30, 2023.
- Good Times: 2023 Best of Santa Cruz County Award, voted "Best Bank" for 12 consecutive years.
- Santa Cruz Sentinel: 2023 Reader's Choice Award, voted number one bank in
Santa Cruz County for 10 years.
Forward-Looking Statements
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to the successful integration with 1st Capital Bancorp post-merger, achieving the targeted cost savings and synergies, retaining employees and customers, fluctuations in interest rates (including but not limited to changes in depositor behavior in relation thereto), inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, health of the real estate market in
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SOURCE West Coast Community Bancorp
FAQ
What is the exchange ratio for 1st Capital Bancorp shares in the merger with West Coast Community Bancorp (SCZC)?
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