LAFAYETTE, Calif., June 30, 2017 (GLOBE NEWSWIRE) -- California Bank of Commerce (OTCQX:CABC) (the "Bank") announced that, after having received all regulatory and shareholder approvals necessary for the reorganization of the Bank into a bank holding company format, that it consummated the reorganization as of June 30, 2017. Effective the close of business on June 30, 2017, California BanCorp (“BanCorp”) will become the bank holding company for the Bank. Trading of California BanCorp common stock will commence on Monday, July 3, 2017, under the symbol “CALB.” The reorganization will be completed through a share exchange in which the Bank’s shareholders will receive one share of common stock of California BanCorp in exchange for each share of the Bank’s common stock. Effective July 3, 2017, California Bancorp’s common stock will be quoted upon the OTCQX Market under the symbol “CALB.”
President & Chief Executive Officer Terry Peterson said, “It is our intention to use the new bank holding company structure to increase shareholder value, aid our organization in its strategic growth initiatives and provide access to capital opportunities for future growth.”
Following the reorganization, the Bank’s shareholders will become shareholders of California BanCorp, and California BanCorp will be the Bank’s parent company. The executive officers and directors of California BanCorp are the same as those of the Bank. The Bank will continue to operate as a California Bank of Commerce, and be managed by its current Board of Directors and executive officers. The Bank will continue to engage in the same business in which it presently is engaged and will continue its operations out of its current locations. Bank shareholders will soon receive a letter from California BanCorp explaining the exchange of Bank shares of common stock for California BanCorp shares of common stock.
Forward-Looking Statements
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, loan production, competitive pressure in the banking industry, balance sheet management, net interest margin variations, the ability to control costs and expenses, changes in the interest rate environment and financial policies of the United States government and general economic conditions. The Bank disclaims any obligation to update any such factors.