West Coast Community Bancorp and 1st Capital Bancorp Announce Completion of Merger

Kurt J. Gollnick and Daniel R. Hightower, M.D. Join as Directors

SANTA CRUZ, Calif., Oct. 1, 2024 /PRNewswire/ -- West Coast Community Bancorp ("Bancorp"OTCQX: SCZC), parent company for Santa Cruz County Bank ("Bank"), and 1st Capital Bancorp, parent company for 1st Capital Bank, today announced the successful completion of their previously announced merger. On October 1, 2024, 1st Capital Bancorp merged with and into Bancorp and 1st Capital Bank merged with and into Bank.

Banking offices for 1st Capital Bank will operate as "a division of Santa Cruz County Bank" until the launch of a new bank name in the second quarter of 2025. All branches of the combined bank will be rebranded as West Coast Community Bank. The new brand reflects the Bank's commitment to serving a larger territory while maintaining its community bank focus and personalized service delivery. 

Kurt J. Gollnick and Daniel R. Hightower, M.D., former Chairman and Vice Chairman of 1st Capital Bancorp and 1st Capital Bank, respectively, have joined the boards of Bancorp and Bank. Mr. Gollnick will serve as vice chairman of both boards.

"We are thrilled to announce the completion of this merger, which brings together two community banks that have shared a similar business model and success in serving their communities on every level, from volunteerism to commercial lending. We welcome two longstanding and founding directors of 1st Capital Bank to our boards, each of whom brings extensive knowledge and a wealth of community banking experience. We look forward to serving an expanded geographic region with our expanded team," said Stephen Pahl, Chairman of Bancorp and Bank.

"The successful merger of our two institutions positions us as one of the largest community banks on the Central Coast. Our greater overall scale and lending capacity will allow for larger business relationships and continued investment in the most advanced technology and products. We remain committed to maintaining our exceptional client service standards and community focus that have been hallmarks of the success achieved by both community banks," stated Krista Snelling, President and CEO of Bancorp and Bank.

At the effective time of the closing, each share of 1st Capital Bancorp common stock was converted into the right to receive 0.36 shares of common stock of Bancorp. The resulting company, with total assets of approximately $2.8 billion, expect to complete a systems conversion in mid-December.

ABOUT SANTA CRUZ COUNTY BANK AND WEST COAST COMMUNITY BANCORP
Founded in 2004, Santa Cruz County Bank is the wholly owned subsidiary of West Coast Community Bancorp, a bank holding company. The Bank is a top-rated, locally operated and full-service community bank headquartered in Santa Cruz, California, with branches in Aptos, Capitola, Cupertino, King City, Monterey, Salinas, San Luis Obispo, Santa Cruz, Scotts Valley and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus and direct access to decision makers. The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local nonprofit organizations.

NATIONAL, STATE AND LOCAL RATINGS AND AWARDS

• 2024 OTCQX Best 50: West Coast Community Bancorp "SCZC" stock ranked 37^th for stock performance based on total return and growth in average daily dollar volume in 2023.
• American Banker Magazine Top 100 Community Banks: The Bank has ranked in the Top Community Banks list for 10 consecutive years based upon 3-year average equity for banks under $2 billion in assets. For 2023, the Bank ranked 50^th in the nation.
• 2024 ICBA Top-Performing Community Banks: The Bank ranked 12 out of 25 top banks with assets over $1 billion.
• The Findley Reports, Inc.: The Bank has received the top ranking of Super Premier for 14 consecutive years.
• Bauer Financial Reports, Inc.: The Bank is rated 5-star "Superior" based upon its financial performance.
• Silicon Valley Business Journal: The Bank is the top ranked, #1 lender by number of SBA loans and #3 ranked by total dollar volume lent to Silicon Valley businesses from October 1, 2022, to September 30, 2023.
• Good Times: 2023 Best of Santa Cruz County Award, voted "Best Bank" for 12 consecutive years.
• Santa Cruz Sentinel: 2023 Reader's Choice Award, voted number one bank in Santa Cruz County for 10 years.

Forward-Looking Statements
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 the successful integration with 1^st Capital Bancorp post-merger, achieving the targeted cost savings and synergies, retaining employees and customers, fluctuations in interest rates (including but not limited to changes in depositor behavior in relation thereto), inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, health of the real estate market in California, Bancorp's ability to effectively execute its business plans, and other factors beyond Bancorp and 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. Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

SOURCE West Coast Community Bancorp