Community Bancorp of Santa Maria Announces Preliminary Results of Offer to Purchase Common Stock for Cash

SANTA MARIA, Calif., Dec. 11, 2019 /PRNewswire/ -- Community Bancorp of Santa Maria (OTCQX: CYSM) this morning announced the preliminary results of its offer (the "Offer") to purchase for cancellation of up to 300,000 shares of its common stock, no par value, at $15.00 per share, which expired at 5:00 p.m. New York Time, on December 6, 2019.

Based on the preliminary count by Computershare Trust Company, N.A., the depositary for the Offer, a total of 1,004,788 shares of common stock were properly tendered and not properly withdrawn at the purchase price of $15.00 per share.

Due to the oversubscription of the tender offer, based upon the preliminary count described above, CYSM will accept for purchase on a pro rata basis approximately 20.68% of the shares of common stock properly tendered and not properly withdrawn at the purchase price of $15.00 per share by each tendering stockholder (other than "odd lot" holders, whose shares of common stock will be purchased on a priority basis). This pro rata percentage applies to all shareholders, resulting in a decrease in the ownership percentage of shareholders that tendered, including out-of-state shareholders that do not otherwise do any business with us.  Management of CYSM has always valued and encouraged local ownership in CYSM, and the results of the tender offer encourage us to continue to dedicate ourselves to serve the needs of our shareholders, clients and our local Santa Maria community.

The proration information are preliminary and subject to change.  The preliminary information contained in this press release is subject to confirmation by the depositary and assumes that all shares of common stock tendered through notice of guaranteed delivery will be delivered within two business days after the date of receipt by the depositary.  The final proration will be announced following completion of the confirmation process.  Payment for the shares of common stock accepted for purchase under the Offer will occur promptly thereafter, in accordance with the Offer. 

This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any shares of common stock. 

About Community Bancorp of Santa Maria

Community Bancorp of Santa Maria is a California corporation formed in 2017 as a single bank holding company for Community Bank of Santa Maria, its sole subsidiary.  Community Bank of Santa Maria ("Bank") is a California banking corporation headquartered in Santa Maria, California.  We commenced operations on March 1, 2001. 

Forward-looking Statements 

Certain statements in this news release contain or may suggest "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risk and uncertainties.  Factors that could cause actual results to differ from those discussed in the forward-looking statements including those factors identified in the Offer to Purchase involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  We cannot guarantee that our actual results will be consistent with the forward-looking statements we make in this news release. Inherent risks and uncertainties may exist that could cause our actual results to differ materially from those we project.

The forward-looking statements are based upon our beliefs and assumptions and are made as of the date of this news release. Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. CYSM disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained in this news release to reflect future events or developments, except as required by law.

SOURCE Community Bancorp of Santa Maria