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A major news story hit the Central Coast on Monday, May 20, 2024, West Coast Community Bancorp and 1st Capital Bancorp, holding companies for Santa Cruz County Bank and 1st Capital Bank, have announced their agreement to join forces. Each company has a rich history spanning more than two decades and is founded on strong relationships with the local communities they serve. There is additional alignment between shared organizational values and the exceptional service they provide for their clients. Together, they will form the preeminent community bank serving the Central Coast. (The “Agreement”), pursuant to which 1st Capital Bancorp will merge with and into West Coast Community Bancorp in an all-stock transaction valued at approximately $63 million, or $10.78 per FISB share, based on the closing price of $29.94 for West Coast Community Bancorp shares on May 20, 2024. The transaction is subject to customary closing conditions, including regulatory approvals and shareholder approval from both parties. Both Boards of Directors of West Coast Community Bancorp and 1st Capital Bancorp have unanimously approved the transaction, which is expected to close in the fourth quarter of 2024. The directors of West Coast Community Bancorp and 1st Capital Bancorp have entered into agreements pursuant to which they have committed to vote their shares in favor of the transaction. At closing, Krista Snelling, President and CEO of the Bancorp and Bank, will lead the combined franchise. You can read each respective Banks’ press release here: https://www.sccountybank.com/whatsnew.cfm and https://www.1stcapital.bank/ContentDocumentHandler.ashx?documentId=80250 As our chamber members and the community know, Santa Cruz County Bank and 1st Capital Bank are pillars of the local community banking sector. Both are active members of the Santa Cruz County Chamber since their inception. During the height of COVID-19, Santa Cruz County Bank and 1st Capital Bank stepped up to help local businesses secure PPP loans that keep their businesses open and retain employees during those critical times. In recognition of their community leadership, the Chamber honored both banks as our 2022 Businesses of the Year. What will this merger mean to the Santa Cruz County Chamber? Certainly, it will change the makeup of our chamber membership. We have seen this happen in the past, so the Chamber staff and board of directors are looking toward a stronger and broader relationship with the combined bank. On a personal note, the Chamber has both personal and professional friends and long-time colleagues who work for both banks. Our hope is that a united front will allow these employees to grow along with their customers and shareholders of the merged bank. Mergers create growth opportunities that can be demonstrated through a deeper commitment to the community. This merger is not just about the success of these two banks; it is about improving technology and scale to enhance their client experience. This next chapter will diversify and enhance product offerings and present new strategic growth opportunities to help their clients reach their financial goals. This union will also allow the new bank to significantly increase its lending power to help businesses across the Central Coast grow and expand. It will also increase the breadth and depth of service they provide. A combined team of dedicated professionals will be able to serve central coast businesses with even greater personalized attention. The Chamber stands ready to promote the economic vitality of the two community banks as they complete the merger process. It will take time for the new entity to go through the regulatory process. Here is a link to a slide presentation that provides a more detailed overview of the merger: https://www.sccountybank.com/pdf/merger/1stCapInvestorPresentation.pdf The Chamber is proud to call both Santa Cruz County Bank and 1st Capital Bank as strong members of the chamber and we look forward to partnering with the new bank in the months and years ahead.
A major news story hit the Central Coast on Monday, May 20, 2024, West Coast Community Bancorp and 1st Capital Bancorp, holding companies for Santa Cruz County Bank and 1st Capital Bank, have announced their agreement to join forces. Each company has a rich history spanning more than two decades and is founded on strong relationships with the local communities they serve. There is additional alignment between shared organizational values and the exceptional service they provide for their clients. Together, they will form the preeminent community bank serving the Central Coast. (The “Agreement”), pursuant to which 1st Capital Bancorp will merge with and into West Coast Community Bancorp in an all-stock transaction valued at approximately $63 million, or $10.78 per FISB share, based on the closing price of $29.94 for West Coast Community Bancorp shares on May 20, 2024.
The transaction is subject to customary closing conditions, including regulatory approvals and shareholder approval from both parties. Both Boards of Directors of West Coast Community Bancorp and 1st Capital Bancorp have unanimously approved the transaction, which is expected to close in the fourth quarter of 2024. The directors of West Coast Community Bancorp and 1st Capital Bancorp have entered into agreements pursuant to which they have committed to vote their shares in favor of the transaction. At closing, Krista Snelling, President and CEO of the Bancorp and Bank, will lead the combined franchise. You can read each respective Banks’ press release here: https://www.sccountybank.com/whatsnew.cfm and https://www.1stcapital.bank/ContentDocumentHandler.ashx?documentId=80250
As our chamber members and the community know, Santa Cruz County Bank and 1st Capital Bank are pillars of the local community banking sector. Both are active members of the Santa Cruz County Chamber since their inception. During the height of COVID-19, Santa Cruz County Bank and 1st Capital Bank stepped up to help local businesses secure PPP loans that keep their businesses open and retain employees during those critical times. In recognition of their community leadership, the Chamber honored both banks as our 2022 Businesses of the Year.
What will this merger mean to the Santa Cruz County Chamber? Certainly, it will change the makeup of our chamber membership. We have seen this happen in the past, so the Chamber staff and board of directors are looking toward a stronger and broader relationship with the combined bank. On a personal note, the Chamber has both personal and professional friends and long-time colleagues who work for both banks. Our hope is that a united front will allow these employees to grow along with their customers and shareholders of the merged bank.
Mergers create growth opportunities that can be demonstrated through a deeper commitment to the community. This merger is not just about the success of these two banks; it is about improving technology and scale to enhance their client experience. This next chapter will diversify and enhance product offerings and present new strategic growth opportunities to help their clients reach their financial goals. This union will also allow the new bank to significantly increase its lending power to help businesses across the Central Coast grow and expand. It will also increase the breadth and depth of service they provide. A combined team of dedicated professionals will be able to serve central coast businesses with even greater personalized attention.
The Chamber stands ready to promote the economic vitality of the two community banks as they complete the merger process. It will take time for the new entity to go through the regulatory process. Here is a link to a slide presentation that provides a more detailed overview of the merger: https://www.sccountybank.com/pdf/merger/1stCapInvestorPresentation.pdf
The Chamber is proud to call both Santa Cruz County Bank and 1st Capital Bank as strong members of the chamber and we look forward to partnering with the new bank in the months and years ahead.