CHINO, Calif., June 20, 2006 (PRIMEZONE) -- Chino Commercial Bank, N.A. (OTCBB:CKNA) today announced that the shareholders of the Bank approved the bank holding company reorganization at the Annual Meeting of Shareholders held on June 15, 2006 at Los Serrano Country Club, Chino Hills, California.
This year's shareholders meeting drew a historic number of shareholders and the approval by the shareholders of the proposed reorganization was 72.3% or 591,632 shares of the total outstanding shares of 818,453 as of the record date, April 17, 2006. President and CEO Dann H. Bowman said, "We are pleased to announce the shareholder approval of the bank holding company reorganization. We expect that the reorganization will be completed by June 30, 2006, and all outstanding shares of Chino Commercial Bank will be exchanged on the OTCBB for an equal number of shares of Chino Commercial Bancorp." Shareholders do not need to redeem their current shares. As new shares are issued or sold, they will be issued as Chino Commercial Bancorp shares.
"Although there are no current strategic capital plans, the new holding company structure," Bowman continued, "will provide the company with increased flexibility regarding non-bank activities along with increased structural alternatives for acquisitions and alternatives for raising capital and access to the debt markets. We are greatly appreciative of the continual show of support from our shareholders and community."