SAN DIEGO, June 22, 2007 (PRIME NEWSWIRE) -- 1st Pacific Bancorp (OTCBB:FPBN), the parent company of 1st Pacific Bank of California, today announced that its shareholders and the shareholders of Solana Beach, California-based Landmark National Bank (OTCBB:LMRK) have both overwhelmingly approved the merger of Landmark National Bank into 1st Pacific Bank.
1st Pacific Bancorp first announced the signing of a definitive agreement between the two banks on February 22, 2006 in a cash-and-stock transaction valued at $24.6 million. Under the terms of the agreement, Landmark National shareholders will elect to receive either cash, shares of 1st Pacific common stock or a combination of the two, provided that the resulting mix of consideration is 65 percent stock and 35 percent cash. The merger is expected to close on July 1, 2007. Upon closing, 1st Pacific Bancorp will have assets of approximately $450 million, and 1st Pacific Bank of California, San Diego's leading local business bank, will have seven branches located throughout San Diego County.
About 1st Pacific Bancorp
1st Pacific Bancorp is the holding company for 1st Pacific Bank of California. The Bank offers a full complement of business products and services to meet the financial needs of professional firms, small to mid-sized businesses, their owners and the people who work there. Offices are located in the Golden Triangle area of La Jolla, in the Tri-Cities area of Oceanside, in Mission Valley, in Inland North County, and at its newest office in El Cajon. The Bank opened Nov. 17, 2000 after raising $11.5 million in an initial public offering. For additional information, visit the Company's web site at www.1stpacificbank.com.
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About Landmark National Bank
Solana Beach, California-based Landmark National Bank offers traditional full-service banking to individual customers, professionals and small- and medium-sized businesses. In addition to a variety of deposit accounts and cash management services, the Bank offers a mix of loan products that include commercial, professional and industrial lending packages, as well as Small Business Administration loans and consumer, installment, home equity, construction and real estate loans. As of March 31, 2006, Landmark had assets of $113 million.
Forward-looking Statements
Certain statements in this press release, including statements regarding the anticipated impact of merged operations, growth and customer base, represent the intent, belief or current expectations of 1st Pacific Bancorp and Landmark National Bank and are "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to the possibility that personnel changes will not proceed as planned; the planned merger and relative cost savings cannot be realized or realized within the expected time frame; revenues are lower than expected; the integration of Landmark National Bank's business costs more, takes longer or is less successful than expected; 1st Pacific Bancorp's ability to obtain the cash required to consummate the transaction, or to achieve expected synergies and operating efficiencies within expected time-frames or at all, or to successfully integrate Landmark National Bank's operations; regulatory approvals for the proposed merger cannot be obtained on the terms expected or on the anticipated schedule; and those discussed in filings by 1st Pacific Bancorp with the Securities and Exchange Commission, 1st Pacific Bank of California with the Federal Reserve Board and by Landmark National Bank with the Office of the Comptroller of the Currency. 1st Pacific Bancorp, Inc. undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.