SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

SOURCE: Seacoast Commerce Banc Holdings

Seacoast Commerce Banc Holdings

December 01, 2014 18:23 ET

Seacoast Commerce Bank Completes Formation of Bank Holding Company Named Seacoast Commerce Banc Holdings and Establishment of a New Stock Symbol

SAN DIEGO, CA--(Marketwired - December 01, 2014) - Seacoast Commerce Bank (OTCQB: SCCB) and Seacoast Commerce Banc Holdings (OTCQB: SCBH) today jointly announced that effective December 1, 2014, the formation of Seacoast Commerce Banc Holdings, a bank holding company, and the merger of Seacoast Commerce Bank into the bank holding company, as a wholly-owned subsidiary, was completed.

The Federal Reserve Bank of San Francisco, acting under its delegated authority for the Board of Governors of the Federal Reserve System, approved the application for the formation of the bank holding company in connection with its acquisition of 100% of the voting stock of Seacoast Commerce Bank on October 21, 2014, subject to certain closing conditions.

Concurrent with the completion of the merger of Seacoast Commerce Bank with and into Seacoast Commerce Banc Holdings, all shares of common stock of the bank issued and outstanding immediately prior to December 1, 2014 (under the stock symbol SCCB), by virtue of the merger, and without any action on the part of shareholders, shall be converted into an equal number of shares of common stock of the holding company under the stock symbol SCBH. Shareholders holding physical certificates of Seacoast Commerce Bank stock may exchange their certificates for new certificates in Seacoast Commerce Banc Holdings. Information on that exchange process will be communicated directly to shareholders of record in a separate communication. 

Richard M. Sanborn, President & Chief Executive Officer, commented, "We are excited to have completed this next step in our strategic process. As we have previously stated, having a holding company provides us with additional flexibility when it comes to capital raising alternatives and business opportunities. We will continue to evaluate our long-term plans, goals, and objectives, as we look for ways to improve on our business model."

Seacoast Commerce Bank is a business bank headquartered in San Diego, California, with full-service branches in San Diego, Chula Vista, and Glendale, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Portland, Oregon; Las Vegas and Reno, Nevada; Houston and Dallas, Texas; and Seattle, Washington. For more information on the bank please visit our website at www.sccombank.com or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.

Contact Information

  • Contact: 
    Richard M. Sanborn
    President & Chief Executive Officer
    Phone: 858-432-7001
    Email: rsanborn@sccombank.com