SAN DIEGO, CA--(Marketwire - Aug 17, 2011) - Embarcadero Bank announced that its shareholders approved the merger of Coronado First Bank with Embarcadero Bank at its annual meeting of shareholders held on August 10, 2011. Approximately 85.18% of Embarcadero Bank's outstanding common stock voted in favor of 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.
Jerry Suppa, Chairman of the Board of Embarcadero Bank, since its inception (2006), said he was encouraged by the Bank's shareholders' approval of the merger, "Simply put, the merger is a win win. Coronado First Bank, Embarcadero Bank, and our entire community will all benefit from this merger."
The completion of the merger is still subject to receipt of the approval of the Federal Deposit Insurance Corporation, the California Department of Financial Institutions, and the shareholders of Coronado First Bank, as well as the satisfaction or waiver of other customary closing conditions.
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.
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 and first supplement to the joint proxy statement regarding the proposed merger. Before making any voting or investment decision, investors and security holders of Coronado First Bank are urged to carefully read the entire proxy statement, as supplemented, because it will contain important information about the proposed transaction.