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California Community Bank (OTCBB: CABK) announced that at its special meeting of shareholders held on April 26, 2012, its shareholders approved the principal terms of the merger of California Community Bank with a subsidiary of Grandpoint Capital, Inc., pursuant to which California Community Bank will become a subsidiary of Grandpoint Capital and the shareholders of California Community Bank at the time the transaction closes will receive cash for their shares. Approximately 77.27% of California Community Bank's outstanding common stock voted in favor of the merger. The proposed transaction with Grandpoint Capital was announced on January 19, 2012, and is expected to close in the third quarter of 2012. Grandpoint Capital has also announced its intention to merge California Community Bank into another of its subsidiaries, Regents Bank, once it has acquired California Community Bank.
Larry D. Hartwig, the CEO of California Community Bank since its inception in 2003, said he was encouraged by the Bank's shareholders' approval of the merger, "Simply put, the merger is a win-win. California Community Bank’s four branches will grow to eight when we combine with Regents Bank, a subsidiary of Grandpoint Capital, and our entire community will benefit from a countywide bank franchise.”
The completion of the merger is still subject to receipt of the approval of several bank regulatory agencies, as well as the satisfaction or waiver of other closing conditions.
This press release may include "forward-looking" statements, that involve inherent risks and uncertainties, including the anticipated cost savings and synergies expected to be achieved as a result of the merger, the successful integration of the entities, the equity capital of the combined entities 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 risk related to the successful integration of the two entities. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.