Suncrest Bank and CBBC Receive Regulatory Approval to Merge
- Transformational merger will create an approximately $900 million community bank at closing.
- Expanded footprint across the Greater Sacramento, Fresno and Central Valley markets.
- Community Business Bank name to be maintained in Greater Sacramento and Lodi.
May 16, 2018, 09:00 ET
SACRAMENTO, Calif., and VISALIA, Calif., May 16, 2018 /PRNewswire/ -- Suncrest Bank (OTCQX: SBKK) ("Suncrest") and CBBC Bancorp (OTCBB: CBBC) ("CBBC"), the parent company of Community Business Bank, today announced that they have received all necessary regulatory approvals to complete their proposed merger. The anticipated closing date of the merger is May 21st 2018.
"We are looking forward to completing this transformational deal and welcoming both Mr. John DiMichele and Mr. Chad Meyer to the Suncrest Bank Board of Directors," said Mr. Ciaran McMullan, President and CEO of Suncrest Bank. "Their deep experience and knowledge of the Community Business Bank markets and customer base will help ensure a smooth transition and continued growth in the Greater Sacramento and Lodi markets."
"We are excited to bring our two strong banks together and both Chad and I look forward to joining the Suncrest Board and continuing to play an important role in the ongoing development of our combined organizations," said John A. DiMichele, Chief Executive Officer of CBBC.
About Suncrest Bank
Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of commercial, small business and agribusiness loans, cash management services and personal deposit products throughout the Central Valley of California. It is regularly rated Five Stars by Bauer Financial as one of the nation's strongest financial institutions, and in 2017 was named to the 2017 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market. It is a Preferred Lender with the Small Business Administration and its stock can be purchased on the open market, trading on the OTCQX under the ticker symbol SBKK. For all other information, visit www.suncrestbank.com
About CBBC Bancorp
CBBC Bancorp's market area includes the greater Yolo, Solano, Sacramento, San Joaquin, and contiguous counties. It focuses on and provides highly personalized commercial banking services to businesses, professionals, and nonprofit organizations. Community Business Bank continues to be recognized by multiple ranking groups as one of the top performing community banks in America. The Bank has received the following organizations' highest ratings of recognition: Bauer Financial, Bankrate, Weiss Rating, DDF, CB Top 10 and The Findely Reports. Call Reports for CBBC's subsidiary bank Community Business Bank are available for review or download directly from the FDIC website at www.fdic.gov, or through Community Business Bank's website at www.CommunityBizBank.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, but are not limited to, that the all requirements to consummate the merger will be met or if the merger is consummated, that it will be completed during the second quarter of 2018. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes 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 Suncrest Bank annual reports which are available on our website.
SOURCE Suncrest Bank
Share this article