SOURCE: Coronado First Bank

Coronado First Bank

August 26, 2011 13:01 ET

Coronado First Bank Shareholders Approve Merger With Embarcadero Bank

CORONADO, CA--(Marketwire - Aug 26, 2011) - Coronado First Bank (OTCBB: CDFB) announced that its shareholders approved the merger of Coronado First Bank with Embarcadero Bank at a special shareholder's meeting August 23, 2011. Approximately 63.81% of Coronado First Bank's outstanding common stock voted and of those more than 99% voted to approve the merger. The proposed merger with Coronado First Bank was announced on March 22, 2011, and is expected to close in the third or fourth quarter of 2011.

When consummated, the resulting bank will be called Coronado First Bank and will operate under the Embarcadero Bank charter. The combined bank is expected to have more than $150 million in assets, and more than $25 million in Tier I capital.

The completion of the merger is still subject to Federal Deposit Insurance Corporation and California Department of Financial Institutions approval, as well as the satisfaction or waiver of other customary closing conditions.

At the same meetings, shareholders voted to recommend Whitney Benzian, Peter Q. Davis, David S. Engelman, and C. Danny Payne to serve on the surviving bank board.


Coronado First Bank is publicly traded on the Over-the-Counter Bulletin Board, ticker symbol: "CDFB."

This press release may include forward-looking statements that involve inherent risks and uncertainties, including the anticipated benefits to be achieved as a result of the merger, the successful integration of the two banks, the equity capital of the combined bank, the potential returns on investment of shareholders, economic conditions and competition in the geographic and business areas in which the Bank operates, inflation, fluctuations in interest rates, legislation and governmental regulation. These statements are subject to risks and uncertainties and actual results could differ materially due to certain risk factors. 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.

This press release may be deemed to be solicitation material in respect of the proposed merger of Coronado First Bank with and into Embarcadero Bank. Coronado First Bank and Embarcadero Bank have sent their shareholders a joint proxy statement regarding the proposed merger and have, or intend to send, their shareholders a supplement to the joint proxy statement. Before making any voting or investment decision, investors and security holders of either Coronado First Bank or Embarcadero Bank are urged to carefully read the entire proxy statement and its supplement, when its becomes available, because it will contain important information about the proposed transaction.