Santa Cruz County Bank Announces Completion of Merger; Expanded Board of Directors
SANTA CRUZ, Calif., Oct. 21, 2019 /PRNewswire/ -- Santa Cruz County Bank (OTC: SCZC), a top rated, locally owned and operated full-service community bank headquartered in Santa Cruz County, today announced the completion of their previously announced merger with Lighthouse Bank. Lighthouse Bank shares, which traded on the OTC under the ticker symbol "LGHT" will begin trading today under the ticker symbol "SCZC".
Founding Directors of Lighthouse Bank, John Burroughs, Craig French, Stephen Pahl and James Weisenstein have joined Santa Cruz County Bank's Board of Directors. Former President of Lighthouse Bank, Jon Sisk has joined Santa Cruz County Bank's Management team as Regional President.
"We are thrilled to announce the completion of our merger with Lighthouse Bank. Today we welcome four talented individuals to our Board, each of whom bring extensive knowledge and experience in community banking. We look forward to serving our community with our expanded team," said William J. Hansen, chairman of Santa Cruz County Bank.
"The successful merger of our two top performing and nationally recognized financial institutions positions Santa Cruz County Bank as the largest community bank in the Monterey Bay Area. Our greater scale, expansion into Silicon Valley, and plans to expand into the Monterey County opens opportunities to compete for larger business relationships while meeting the expansion needs of our existing business relationships," stated David V. Heald, president and CEO of Santa Cruz County Bank.
Both Lighthouse Bank branches, one in Santa Cruz and one in Cupertino, remain as full service branches. Customers of both banks will have access to a total of seven branches, six in Santa Cruz County and one in Cupertino. The strategy for integration of Lighthouse Bank into Santa Cruz County Bank is well underway. A complete systems conversion is scheduled to take place in early April 2020.
ABOUT SANTA CRUZ COUNTY BANK
Santa Cruz County Bank, founded in 2004, is a top rated, locally owned and operated full-service community bank headquartered in Santa Cruz, California with seven branches located in Aptos, Capitola, Cupertino, Santa Cruz (2), Scotts Valley and Watsonville. Since its founding, Santa Cruz County Bank has supported the community by actively participating and donating to local not-for-profit organizations. The bank's dedication to providing personalized relationship-based service and access to decision makers sets it apart as a refreshing alternative to the "big banks". The bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and cash management. The bank's SBA Department has been recognized as a top SBA lender in Santa Cruz County and in the Silicon Valley. Santa Cruz County Bank is a top USDA lender in the state of California.
Santa Cruz County Bank stock is publicly traded on the OTC marketplace under the symbol SCZC. Stock purchase orders may be placed through a brokerage firm or one of the Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, visit www.sccountybank.com.
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
SOURCE Santa Cruz County Bank
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