First Business Bank, N.A. and 1st Pacific Bancorp Announce Termination of Planned Merger
29 October 2009 - 10:58AM
Business Wire
First Business Bank, N.A. (OTCBB:FBBN) and 1st Pacific
Bancorp (NASDAQ:FPBN) today announced the termination of the
Agreement and Plan of Merger dated July 16, 2009, and the proposed
merger transaction contemplated therein. Nathan Rogge, President of
First Business Bank, stated that “today’s economic and regulatory
environment presented unanticipated complications that could not be
overcome, given the structure of the transaction.” The parties have
begun to explore alternative transactions that could be mutually
beneficial.
First Business Bank is exclusively focused on serving the
special needs of professionals and small- and medium-sized
enterprises. Established in 2001, First Business Bank is dedicated
to providing businesses and professionals with simple, fast
and effective solutions. Experienced bankers deliver highly
tailored financial solutions while providing customers with
educational and networking opportunities. For more information,
contact First Business Bank, N.A. at (858) 847-4780, 12265 El
Camino Real, Suite 100, San Diego, CA 92130, or visit
the company’s website at www.fbbank.com.
1st Pacific Bank of California is a San Diego community business
bank. The bank offers a full complement of business products and
services to meet the financial needs of professional firms, small-
to mid-sized businesses, their owners and the employees who work
there. For additional information about 1st Pacific Bank, visit the
company's website at www.1stpacbank.com.
Forward-Looking Statements
This release may contain forward-looking statements, which are
included in accordance with the “safe harbor” provisions of the
Private Securities Litigation Reform Act of 1995 and, accordingly,
the cautionary statements contained in 1st Pacific Bancorp’s Annual
Report on Form 10-K for the year ended Dec. 31, 2008 (See Item I --
Business, and Item 7 -- Management’s Discussion and Analysis of
Consolidated Financial Condition and Results of Operations), and
other filings with the Securities and Exchange Commission or the
Board of Governors of the Federal Reserve System are incorporated
herein by reference. These factors include, but are not limited to:
the effect of interest rate and currency exchange fluctuations;
competition in the financial services market for both deposits and
loans; the ability to efficiently incorporate acquisitions into
current operations; the ability of the two institutions to increase
their customer bases; the effect of regulatory and legislative
action; and regional and general economic conditions. Actual
results and performance in future periods may be materially
different from any future results or performance suggested by the
forward-looking statements in this release. Such forward-looking
statements speak only as of the date of this release. First
Business Bank and 1st Pacific Bancorp expressly disclaim any
obligation to update or revise any forward-looking statements found
herein to reflect any changes in their expectations of results or
any change in events.
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