Redding Bank of Commerce President Announces Purchase Application Filing Of FirstPlus Bank at Citrus Heights, California

Apr 17, 2001, 01:00 ET from Redding Bancorp

    REDDING, Calif., April 17 /PRNewswire/ -- Michael C. Mayer, President
 & CEO of Redding Bank of Commerce is pleased to announce the filing of a
 purchase application for the Citrus Heights office of FirstPlus Bank.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990423/RDDBLOGO )
     On March 22, 2001, Redding Bank of Commerce, the primary subsidiary of
 Redding Bancorp (OTC Bulletin Board:   RDDB), located at 1951 Churn Creek Road,
 Redding, California executed a Branch Purchase and Assumption Agreement with
 FirstPlus Bank, located at 18302 Irvine Blvd. Tustin, California. The
 agreement provides for the purchase of the deposit liabilities, assumption of
 the lease, and purchase of certain fixed assets at net book value of the
 Citrus Heights office of FirstPlus Bank, located at 6950 Sunrise Blvd. Citrus
 Heights, California 95610.
     The purchase and assumption agreement is subject to the approval of the
 Federal Deposit Insurance Corporation and Department of Financial
 Institutions. Applications for such approval were filed on Friday, April 6,
 2001. The approval process may take 45 to 60 days to complete. A final closing
 date will be established upon completion of the approval process. Redding Bank
 of Commerce will finance the acquisition from its existing capital. There are
 no plans to raise additional equity or to incur debt to complete this
 transaction.
     Redding Bank of Commerce operates the Roseville Banking Center, a division
 of RBC, located at 1548 Eureka Road Suite 100, Roseville, California, just
 five miles from the Citrus Heights office. The acquisition gives the office
 greater presence in the Roseville/Sacramento market and will boost the
 Company's assets to $300 million at the close of the transaction.
 
 

SOURCE Redding Bancorp
    REDDING, Calif., April 17 /PRNewswire/ -- Michael C. Mayer, President
 & CEO of Redding Bank of Commerce is pleased to announce the filing of a
 purchase application for the Citrus Heights office of FirstPlus Bank.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/19990423/RDDBLOGO )
     On March 22, 2001, Redding Bank of Commerce, the primary subsidiary of
 Redding Bancorp (OTC Bulletin Board:   RDDB), located at 1951 Churn Creek Road,
 Redding, California executed a Branch Purchase and Assumption Agreement with
 FirstPlus Bank, located at 18302 Irvine Blvd. Tustin, California. The
 agreement provides for the purchase of the deposit liabilities, assumption of
 the lease, and purchase of certain fixed assets at net book value of the
 Citrus Heights office of FirstPlus Bank, located at 6950 Sunrise Blvd. Citrus
 Heights, California 95610.
     The purchase and assumption agreement is subject to the approval of the
 Federal Deposit Insurance Corporation and Department of Financial
 Institutions. Applications for such approval were filed on Friday, April 6,
 2001. The approval process may take 45 to 60 days to complete. A final closing
 date will be established upon completion of the approval process. Redding Bank
 of Commerce will finance the acquisition from its existing capital. There are
 no plans to raise additional equity or to incur debt to complete this
 transaction.
     Redding Bank of Commerce operates the Roseville Banking Center, a division
 of RBC, located at 1548 Eureka Road Suite 100, Roseville, California, just
 five miles from the Citrus Heights office. The acquisition gives the office
 greater presence in the Roseville/Sacramento market and will boost the
 Company's assets to $300 million at the close of the transaction.
 
 SOURCE  Redding Bancorp