CHINO, Calif., Nov. 8, 2011 /PRNewswire/ -- Chino Commercial Bancorp (OTCBB: CCBC) announced today that it has set the close of business on November 18, 2011 as the record date for its planned rights offering. Chino Commercial intends to distribute at no charge to its shareholders on the record date basic subscription rights to purchase three shares of Chino Commercial Bancorp common stock for every ten shares of common stock owned on that date, at a price per share which has not yet been determined but will approximate the fair market value of the shares at the commencement of the offering as determined by the Board of Directors. In addition, persons exercising subscription rights will receive bonus shares equal to five percent (5%) of the number of shares purchased pursuant to such rights, for no additional consideration.
Shareholders who exercise all of their basic subscription rights will also be given an over-subscription privilege to purchase additional shares on the same basis, i.e., with bonus shares attached, subject to availability.
The subscription rights will be exercisable until 5:00 P.M. Pacific Time on, January 20, 2012 unless the Company extends the expiration date. If shares of the Company's common stock remain available after the expiration of the rights offering, such shares will be offered to other interested investors on a non-rights basis at the same purchase price per share. However, investors purchasing shares in the non-rights portion of the offering will not receive any "bonus" shares in connection with their purchases. The expiration date for non rights subscribers will be February 29, 2012, unless extended.
It is expected that shareholder subscription rights agreements describing each shareholder's specific subscription rights, together with a prospectus and other information regarding the subscription rights, will be mailed to shareholders of record shortly after the record date. Shareholders who hold their shares of Chino Commercial Bancorp common stock through a bank or broker will receive the subscription rights materials from their bank or broker.