SANTA BARBARA, Calif.--(BUSINESS WIRE)--American Riviera Bank (OTC Markets: ARBV) announced that its shareholders approved the merger with The Bank of Santa Barbara at its annual meeting today. The Bank of Santa Barbara separately approved the merger at a special meeting of its shareholders today. The merger is expected to close at the end of December 2015 subject to final regulatory approval. Once together, the new bank’s name will be American Riviera Bank, and with assets of over $400 million, it will be the second largest bank based in the City of Santa Barbara.
“The merger combines two of the leading community banks in the South Coast region. We are excited to provide all of our clients an expanded footprint with branches in Santa Barbara, Goleta, and Montecito, as well as full-service Mortgage and SBA lending departments,” said Jeff DeVine, President and Chief Executive Officer of American Riviera Bank. “Additionally, the merger will result in a larger lending limit than previously held by either institution.”
“Obtaining the approval of our shareholders to proceed with the merger affirms their confidence in the merger and the resulting benefits to our customers and our community,” said Joanne Funari, Executive Vice President and Chief Operating Officer of The Bank of Santa Barbara. “We are all very excited as we are one step closer to offering our current and prospective clients all the benefits of our combined Bank.”
American Riviera Bank reported strong loan growth, with $191 million in total loans at September 30, 2015, which represents an 18 percent increase from the third quarter end 2014. Unaudited pre-tax net income was $708,000, excluding $261,000 of merger-related costs for the three months ending September 30, 2015. This represents a 24 percent increase from the $569,000 generated during the same reporting period in 2014. For the nine months ending September 30, 2015, American Riviera Bank reported pre-tax net income of $2,211,385, excluding $427,000 of deal-related costs. This represents a 32 percent increase from the $1,678,987 generated during the same reporting period in the prior year.
For the nine months ending September 30, 2015, American Riviera Bank reported unaudited net income of $938,000 ($0.35 per share). The decrease from the $1,033,000 ($0.39 per share) reported for the nine months ending September 30, 2014 is due to merger-related expenses. The book value of one share of American Riviera Bank stock was $10.47 at September 30, 2015, an increase from $9.87 at September 30, 2014.
About American Riviera Bank
American Riviera Bank is a full-service community bank focused on serving the lending and deposit needs of businesses and consumers in Santa Barbara and surrounding communities. The state-chartered bank opened for business on July 18, 2006, with the support of 400 local shareholders. Offices are located at 1033 Anacapa Street in Santa Barbara and 525 San Ysidro Road in Montecito. For three consecutive years the bank has been named a “Premier Performer” by the Findley Reports. As of June 30, 2015, BauerFinancial rated the bank five stars. For more information, visit www.americanrivierabank.com or call (805) 965-5942.
About The Bank of Santa Barbara
The Bank of Santa Barbara is a state-chartered bank that opened for business on December 19, 2005, and was purchased from a national bank holding company and recapitalized by local investors in November 2009. The bank is 100% locally-owned and operated and is headquartered at 12 E. Figueroa Street in Santa Barbara, with a branch at 5880 Calle Real in Goleta. The Findley Report recognized the bank for “Premier Performance” in 2012. For more information, visit www.bankofsantabarbara.com or call (805) 730-7860.
Statements concerning future performance, developments or events concerning expectations for growth and market 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, effects of interest rate changes, ability to control costs and expenses, impact of consolidation in the banking industry, financial policies of the U.S. government, and general economic conditions.