Rabobank Completes Acquisition Of Central Coast Bancorp
02 February 2006 - 1:00AM
PR Newswire (US)
Community Bank of Central California Merges with Rabobank, N.A. NEW
YORK, and SALINAS, Calif., Feb. 1 /PRNewswire/ -- Rabobank, the
financial services leader specializing in community banking and
agricultural finance, announced today that it has completed the
$371 million acquisition of Central Coast Bancorp (NASDAQ:CCBN),
the holding company for Community Bank of Central California. The
acquisition merges Community Bank of Central California with
Rabobank, N.A., the California community bank, thereby increasing
Rabobank, N.A.'s retail branch network to 39 locations from the
Mexican border to the Sacramento area, and bringing Rabobank,
N.A.'s total assets to over $4.25 billion. The transaction is a
further step in Rabobank's strategy to expand its banking platform
in California and in key agricultural communities across the U.S.,
and gives Rabobank a significant presence in an important region of
California. All of Community Bank of Central California's 14
branches will remain open for business, staffed by the same
familiar and trusted employees. The branches will continue to
operate under the Community Bank of Central California name for
several months, before being integrated into the existing Rabobank,
N.A. network. Central Coast Bancorp Chairman and Chief Executive
Officer, Nick Ventimiglia, and C. Edward Boutonnet, Vice Chairman
and Director, have joined the board of directors of Rabobank, N.A.
Mr. Ventimiglia, together with John McCarthy, outgoing President
and Chief Operating Officer of Central Coast Bancorp, will play key
advisory roles in the merged bank, which will move forward under
the leadership of Ronald Blok, Chief Executive Officer of Rabobank,
N.A. and Rick Arredondo, President of Rabobank, N.A. "We are
delighted to welcome Community Bank customers and employees to
Rabobank," said Cor Broekhuyse, Regional Head of Rabobank
International in the Americas. "We look forward to leveraging
Rabobank's deep resources, financial strength, and banking network
to provide an even broader array of highly competitive products and
services to businesses, organizations, municipalities, agricultural
clients, and residents of the Central Coast. We plan to make
substantial investments in the Community Bank franchise in support
of new products and services, including enhanced technologies and
delivery systems, and new branches and ATMs for increased customer
convenience. We are enthusiastic about the opportunity to serve the
Central Coast of California and look forward to continuing
Community Bank's long heritage of superior customer service."
"Rabobank shares Community Bank's commitment to relationship-driven
banking and community involvement," said Rick Arredondo, President
of Rabobank, N.A. "Rabobank's roots lie in community banking, and
our 25 existing branches are actively involved in supporting their
local communities throughout Southern California and the Central
Valley. We will continue Community Bank's dedication to community
involvement and investment in local sponsorships, charitable
giving, and volunteer outreach. We look forward to partnering with
Community Bank and to strengthening the personal relationships with
customers that are the foundation of great community banking." "I
am very pleased that Community Bank employees and customers are
joining the Rabobank family, and confident this partnership will be
beneficial for the Central Coast community," said Nick Ventimiglia,
Chairman and CEO of Central Coast Bancorp, and head of Community
Bank of Central California. "Both our organizations have been
working diligently over the past few months to plan for a smooth
integration, and I am confident that the transition will be a
successful one. I am especially pleased by Rabobank's commitment to
our employees, attention to our customers' needs, and promise of
continued investment in our franchise and local communities.
Rabobank's resources and commitment to community banking ensure
that, going forward, the Community Bank organization will continue
to be an integral part of our communities and an even stronger
financial partner for our customers." As of February 1, 2006, all
trading in Central Coast Bancorp's common stock was terminated.
Shareholders of Central Coast Bancorp will receive in the near
future a communication regarding the exchange of their shares for
$25.00 per share in cash. Rabobank, N.A., is a community-oriented
bank providing full banking services to agricultural customers,
commercial real estate developers and investors (both permanent and
construction lending), and small- and medium- size businesses in
Southern and Central California, as well as a full array of
depository, treasury management and retail banking products for
individuals and businesses. Since being acquired by Rabobank Group
in 2002, Rabobank, N.A. (formerly named Valley Independent Bank)
has more than doubled its assets and capital. In that time,
Rabobank, N.A. has also established a presence in four new
California markets, undertaken remodeling and expansion of seven
branches, and upgraded its operations facilities. Rabobank, N.A. is
rated "Outstanding" in its compliance with the Community
Reinvestment Act. Rabobank Group is a financial services leader
providing institutional and retail banking and agricultural finance
solutions in key markets around the world. From its century-old
roots as a Dutch farmers' finance cooperative, Rabobank has grown
into one of the 25 largest banks worldwide with over $600 billion
in assets and operations in over 35 countries. Rabobank is the only
privately-owned bank in the world with the highest possible credit
ratings from both Standard & Poor's (AAA) and Moody's Investor
Service (Aaa), and is ranked the world's third safest bank by
Global Finance magazine. In the Americas, Rabobank is a leading
financier to all segments of the agriculture industry, providing
wholesale banking services to food and agribusiness clients, and
agricultural lending to farmers, ranchers, input suppliers, and
manufacturers; and full retail and commercial banking services to
businesses, communities, and real estate developers and investors
throughout Southern and Central California.
http://www.rabobankamerica.com/. Central Coast Bancorp
(NASDAQ:CCBN), prior to the acquisition, operated as a holding
company for Community Bank of Central California, an award- winning
bank with 14 branches located in Monterey, Santa Cruz, San Benito
and southern Santa Clara counties. Founded in 1982 as a primarily
agribusiness bank, Community Bank of Central California offers a
full array of banking services for individuals (checking, savings,
deposits, money market, CD, and IRA accounts, personal loans: auto,
mortgage, home equity) and businesses (business checking, small
business loans, commercial real estate, lockbox, and courier
services). It serves a range of sectors including agribusiness,
small business, professionals, commercial and residential
developers, civic groups, municipalities and non-profit
organizations throughout the Central Coast of California. The
largest independent bank headquartered in Monterey County,
Community Bank of Central California had total assets of $1.25
billion as of September 30, 2005. http://www.community-bnk.com/
First Call Analyst: FCMN Contact: lynne.burns@rabobank.com
DATASOURCE: Rabobank, N.A. CONTACT: Americas - Lynne Burns,
+1-212-808-2581, or Melissa Schuler, +1-212-916-7941, both for
Rabobank; or Harry Wardwell, +1-831-757-2274 ext. 446 for Central
Coast Bancorp - Community Bank of Central California; International
- Ernst Moeksis, +31-30-216-4304, for Rabobank Group Web site:
http://www.rabobank.com/
Copyright
Central Coast Bancorp (NASDAQ:CCBN)
Historical Stock Chart
From May 2024 to Jun 2024
Central Coast Bancorp (NASDAQ:CCBN)
Historical Stock Chart
From Jun 2023 to Jun 2024