2008-10-10 03:34:01 -
www.securitybankca.com - Security Bank of California (OTCBB:SBOC) reported today that it has established Security California Bancorp, a California corporation and bank holding company. As a result of this transaction, Security Bank of California has become a wholly owned subsidiary of Security California Bancorp and the shareholders of the bank have become shareholders of the holding company
on a "one share for one share basis."
Shareholders of the bank approved the reorganization at the bank's annual meeting in May, 2008. The reorganization into a bank holding company form of organization was effective on October 1, 2008.
As a result of this change, Security California Bancorp's common stock will be listed on the OTC Bulletin Board in the place of the bank's and the stock will trade under the new symbol, "SCAF.OB." The CUSIP number for Security California Bancorp's common stock is 81412M103.
James A. Robinson, Chairman and Chief Executive Officer of both companies, stated, "Our Board, management and business model remain the same and with this structural change, approved by our shareholders at our annual meeting, we have enhanced our flexibility with respect to capital generation and our ability to take advantage of new opportunities as they are presented."
This press release contain statements relating to our financial condition, results of operations, plans, strategies, trends, projections of results of specific activities or investments, expectations or beliefs about future events or results, and other statements that are not descriptions of historical facts. Those statements may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential" "opportunity," or "continue," or similar terms or the negative of these terms, or other statements concerning opinions or judgments of our management about future events. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to: (a) the financial success or changing strategies of our customers; (b) customer acceptance of our services, products and fee structure; (c) changes in competitive pressures among depository and other financial institutions or in our ability to compete effectively against larger financial institutions in our banking market; (d) actions of government regulators, or changes in laws, regulations or accounting standards, that adversely affect our business; (e) the impact on our profits of increased staffing and expenses resulting from expansion; (f) changes in the interest rate environment and the level of market interest rates that reduce our net interest margin and/or the volumes and values of loans we make and securities we hold; (g) changes in general economic or business conditions and the real estate market in our banking market (particularly changes that affect our loan portfolio, the abilities of our borrowers to repay their loans, and the values of loan collateral); and (h) other developments or changes in our business that we do not expect. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements in this paragraph. We have no obligation, and do not intend, to update these forward-looking statements.
Security Bank of California
Thomas Ferrer, 951-368-2268
