Embarcadero Bank - Announces Completion of Merger With Coronado First Bank
(firmenpresse) - SAN DIEGO, CA -- (Marketwire) -- 11/17/11 -- Today Embarcadero Bank announced the completion of its merger with Coronado First Bank, effective November 16, 2011. Although Embarcadero Bank is the surviving bank in the merger, the combined bank will now operate under the name Coronado First Bank.
Jerry Suppa, Chairman of the combined bank, commented, "The new Coronado First Bank has a strong capital position, an excellent corps of bankers and will work diligently to service the needs of its customers." Maria P Kunac, President and Chief Executive Officer, added, "The combined bank has retained all key customer contact employees and the transition for customers of both banks is expected to be seamless."
The combined bank's stock will trade on the Over-the-Counter Bulletin Board under the symbol "NADO" and will be headquartered in Coronado, CA.
The old Coronado First Bank stock traded under the symbol "CDFB." The former Coronado First Bank Shareholders will receive an election form for the right to exchange each share of the former Coronado First Bank stock for either (i) 0.5925 shares of the new Coronado First Bank stock, (ii) $6.30 in cash, or (iii) a combination of both, at the election of the holder, subject to certain limitations, including adherence to a December 27th deadline.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This press release includes "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995 including the anticipated cost savings and synergies expected to be achieved as a result of the merger, the successful integration of the two banks, the equity capital of the combined bank and the potential returns on investment of shareholders. These statements are subject to risks and uncertainties and actual results could differ materially due to certain risk factors. Specific relevant risks include whether the transaction is approved by regulators and by shareholders of both banks and risk related to the successful integration of the two banks. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements.
For more information please contact:
619-522-2550
Maria P. Kunac
President/CEO
Coronado First Bank (previously Embarcadero Bank)
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Datum: 17.11.2011 - 22:23 Uhr
Sprache: Deutsch
News-ID 89164
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SAN DIEGO, CA
Kategorie:
Commercial & Investment Banking
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