SOURCE: Capital Pacific Bank

May 22, 2007 17:00 ET

Capital Pacific Bank Creates New Holding Company to Facilitate Growth

PORTLAND, OR -- (MARKET WIRE) -- May 22, 2007 -- Capital Pacific Bank (OTCBB: CPFB) reports that it is now a wholly owned subsidiary of a newly formed holding company, Capital Pacific Bancorp (OTCBB: CPBO). Shareholders approved the reorganization on April 17, 2007 and final regulatory approval was received on May 21, 2007.

"We are happy to announce the formation of the holding company, which can provide flexibility when contemplating investments and expansion," said CEO Mark Stevenson. "In addition, the holding company provides us with access to the trust preferred securities market. Trust preferred securities are a less costly type of capital traditionally used to fund organic growth and acquisitions."

Shareholders of Capital Pacific Bank are now shareholders of Capital Pacific Bancorp with the same proportional ownership. The new shares will be traded on the NASD OTC bulletin board beginning May 23, 2007.

About Capital Pacific Bank

Capital Pacific Bank serves businesses, professionals and nonprofit organizations with comprehensive banking solutions and an elite level of service. Headquartered in the Fox Tower in downtown Portland, the bank's full array of products and services are delivered through a strategic combination of highly experienced client service officers and the innovative application of technology. Capital Pacific Bank reported total assets of over $115 million as of March 31, 2007. For more information, visit www.capitalpacificbank.com.

Contact Information

  • Contact:
    Mark Stevenson
    CEO

    Felice Belfiore
    CFO
    (503) 796-0100