NATIONAL BANK OF CALIFORNIA AND CALIFORNIA REPUBLIC BANK ANNOUNCE AGREEMENT FOR SALE OF WESTLAKE VILLAGE BRANCH TO CALIFORNIA REPUBLIC BANK
LOS ANGELES, CA. and NEWPORT BEACH, CA., October 24, 2011 – National Bank of California, the wholly owned subsidiary of NCAL Bancorp (OTCBB: NCAL) (“NCAL”) and California Republic Bank (OTCBB: CRPB) (“CRB”) jointly announced today that they have entered into a purchase and assumption agreement to transfer NCAL’s full service branch office in Westlake Village, California to CRB. Under the terms of the agreement, California Republic Bank will assume all of the deposits and purchase a certain amount of assets associated with the branch. As of September 30, 2011 deposits at this branch totaled approximately $16.2 million.
According to Henry Homsher, President of NCAL, “It was a difficult decision to proceed with the sale of the Westlake Village branch, as we have enjoyed wonderful relationships with our customers in the region. The transaction will allow us to redirect our full focus to our core geography in the Los Angeles and Orange County areas. We are confident we have found an institution that mirrors our customer service philosophy and are excited to introduce our clients to California Republic Bank.”
Jon Wilcox, Chief Executive Officer of California Republic Bank, stated, “We are very pleased to announce our entry into the Westlake Village, California market, and we look forward to welcoming the employees and clients of the Westlake Village branch to the California Republic family. At California Republic Bank, we were founded on the principle that ‘Our clients always come first,’ a principle we take to heart and continue to deliver upon today.”
John DeCero, President of California Republic Bank, also added, “We are excited to serve the greater Ventura County area. We believe it is a natural complement to our other full service regional branches in Beverly Hills and Newport Beach.”
The transaction is expected to be completed in late Q4 2011 or early Q1 2012 subject to regulatory approval and other customary closing conditions.
D.A. Davidson & Co. served as financial advisor and King, Holmes, Paterno, & Berliner, LLP served as a legal advisor for NCAL Bancorp. Manatt, Phelps & Phillips, LLP served as legal advisor for California Republic Bank.
About National Bank of Califronia
National Bank of California is a full-service commercial bank that began operations in 1982 and had over $365.7 million in assets as of June 30th, 2011. The Bank offers customized services to small and mid-sized businesses as well as individuals through five strategically located regional offices in Los Angeles, the San Fernando Valley, the San Gabriel Valley, and Orange County.
About California Republic Bank
Forward Looking Statements: The numbers in this press release are unaudited. Statements such as those regarding the anticipated development of the banks’ business, and the intent, belief or current expectations of the banks, their directors, or their 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 banks’ performance, including their ability to generate loan and deposit growth, changes in interest rates, and regulatory matters.