CERRITOS, Calif.--(BUSINESS WIRE)--First Choice Bank, the “Bank” (OTCQX: FCBK), announced that, effective as of the close of business on December 21, 2017, after having received all regulatory and shareholder approvals necessary for the reorganization of the Bank into a bank holding company structure, the reorganization was completed. The Bank shall now be a wholly-owned subsidiary of First Choice Bancorp (“Bancorp”), a bank holding company. Effective December 26, 2017, Bancorp’s common shares will commence trading on the OTC Markets under the new stock symbol “FCBP” (OTCQX: FCBP).
All stock trading, filings and market-related information regarding Bancorp will be reported under the new stock symbol. The shares of Bank common stock have been exchanged for shares of Bancorp common stock on a one-for-one exchange ratio basis. Investors who own shares of the Bank in certificate form will receive information in the mail regarding any steps necessary to complete the exchange of shares.
The Bank will continue to operate as First Choice Bank, 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.
President & Chief Executive Officer Robert Franko said, “We are pleased to have completed the formation of our holding company. Although no assurances can be given, we believe that we can leverage this structure for future growth initiatives and to enhance shareholder value in the years to come.”
ABOUT FIRST CHOICE BANK
First Choice Bank, headquartered in Cerritos, California, is a community focused financial institution, serving diverse consumers and commercial clients and specializing in loans to small businesses, Private Banking clients, Commercial and Industrial (C&I) loans, and commercial real estate loans with a niche in providing finance for the hospitality industry. The Bank is a Preferred Small Business Administration (SBA) Lender. Founded in 2005, First Choice Bank has quickly become a leading provider of financial services that enable our customers to grow, maintain strength, and achieve their business objectives. We strive to surpass our clients' expectations through our efficiency and professionalism and are committed to being "First in Speed, Service, and Solutions."
The Bank's web site is www.FirstChoiceBankCA.com.
Forward Looking Statements
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, and other risks and uncertainties. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. First Choice Bank and First Choice Bancorp undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the First Choice Bank and First Choice Bancorp financial information which is available on our website.
