SOURCE: Embarcadero Bank

November 01, 2011 18:04 ET

Embarcadero Bank - Announces Regulatory Approval of Planned Merger With Coronado First Bank

SAN DIEGO, CA--(Marketwire - Nov 1, 2011) - Embarcadero Bank received approval of the merger of Coronado First Bank with Embarcadero Bank from the California Department of Financial Institutions on October 24, 2011, and from the Federal Deposit Insurance Corporation on October 31, 2011. Embarcadero Bank and Coronado First Bank are required to wait until at least November 15, 2011, before closing the merger in order to allow the Department of Justice to file any objection it may have to the merger under federal antitrust laws. If no objection is filed by the Department of Justice, and the other closing conditions to the merger can be satisfied or are waived, Coronado First Bank and Embarcadero Bank intend to close the merger on or around November 15, 2011, although this date is subject to change. The proposed merger with Coronado First Bank was announced on March 22, 2011.

In connection with the preparations for closing the merger, Coronado First Bank and Embarcadero Bank have each agreed to waive the requirement that the merger close within 7 days or less of the end of a calendar month, and have each agreed not to terminate the Agreement and Plan of Reorganization and Merger prior to December 16, 2011, in order to provide adequate time to complete the closing of the merger.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This press release includes "forward-looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995 including the anticipated cost savings and synergies expected to be achieved as a result of the merger, the successful integration of the two banks, the equity capital of the combined bank 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 by shareholders of both banks and risk related to the successful integration of the two banks. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements.

Contact Information

  • For more information please contact:

    619-814-1744
    Maria P. Kunac
    President/CEO
    Embarcadero Bank