LOS ANGELES--(BUSINESS WIRE)--Pacific Commerce Bank, “PFCI” (OTCQB: PFCI), and Vibra Bank, “VBBK” (OTCQB: VBBK), today announced that they have received approval from both PFCI and VBBK shareholders in meetings held separately on February 23rd for their proposed merger originally announced on October 30, 2014. The merger is expected to close early in the second quarter of 2015, and upon closing the Bank will have approximately $350 million in assets and operate four branches in Los Angeles and San Diego counties.
Chairman of the Board of PFCI, Thomas Iino, stated, “We are pleased to have our shareholders endorse the merger with Vibra Bank, and look forward to closing the merger and welcoming the Vibra Bank customers, shareholders and employees to Pacific Commerce.” Chairman of the Board of VBBK, Howard Levenson, added, “Our shareholder meetings were an important step toward closing the merger. Vibra Bank looks forward to joining forces with Pacific Commerce Bank to create a stronger community financial institution in Los Angeles and San Diego counties.”
Vibra Bank has one branch office located in Chula Vista, and had total assets of $140.4 million, total deposits of $125.2 million, and total loans of $89.1 million as of December 31, 2014. Pacific Commerce Bank has three branch offices in Los Angeles, West Los Angeles and San Diego, and had total assets of $217.8 million, total deposits of $165.5 million and total loans of $195.8 million as of December 31, 2014.
About Pacific Commerce Bank
Established in 2002, Pacific Commerce Bank is a business-oriented community bank with offices in downtown Los Angeles, West Los Angeles and San Diego. Founded by local business owners and professionals, the Bank is focused on meeting the diverse financial needs of its clients, and offers a full range of loan, deposit and treasury management products and is an SBA Preferred Lender. For more information about the Bank, please visit our website at www.pacificcommercebank.com.
About Vibra Bank
Vibra Bank is a full-service community bank offering a wide variety of deposit and loan services to meet their customers’ needs. Deposit offerings include, among others, state-of-the-art online banking and remote deposit capture. As an SBA Preferred Lender, Vibra’s lending is focused on loans to small businesses and professionals, commercial real estate, and high net-worth individuals. Please visit our website at www.vibrabank.com for more information.
Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. These include statements as to the anticipated benefits of the merger, including future financial and operating results, cost savings and enhanced revenues that may be realized from the merger as well as other statements of expectations regarding the merger and any other statements regarding future results or expectations. Each of PFCI and VBBK intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The companies’ respective abilities to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material effect on the operations and future prospects of each of PFCI and VBBK and the resulting company, include but are not limited to: the businesses of PFCI and/or VBBK may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; the ability to obtain required regulatory and shareholder approvals, and the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or costly than expected; changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the companies’ respective market areas; their implementation of new technologies; their ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines, and other risk factors detailed from time to time. PFCI and VBBK undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.