Santa Cruz County Bank Announces Completion of Holding Company Formation, West Coast Community Bancorp

SANTA CRUZ, Calif., Aug. 28, 2023 /PRNewswire/ -- Santa Cruz County Bank (the "Bank", OTCQX: SCZC), with assets of $1.75 billion, is a top-rated community bank headquartered in Santa Cruz County. Today, the Bank announced the consummation of its holding company reorganization with West Coast Community Bancorp ("WCCB"), effective August 18, 2023.

The formation of the Bank's holding company, West Coast Community Bancorp, was discussed in detail in the Bank's annual proxy statement, approved by shareholders on May 24, 2023, and subsequently approved by the Bank's regulators. As a result of the transaction, Santa Cruz County Bank has become a wholly owned subsidiary of WCCB, and shareholders of the Bank have become shareholders of the holding company on a "one share for one share" basis. Shares of WCCB will be quoted on the OTC Markets OTCQX® U.S. Premier Market beginning today, August 28, 2023, under the trading symbol SCZC, retaining continuity with the Bank's prior quotation and symbol. The Board of Directors of West Coast Community Bancorp and Santa Cruz County Bank are identical: Chairman Stephen D. Pahl, Vice Chairman & Corporate Secretary John C. Burroughs, Caroline D. Chapin, Kenneth R. Chappell, Craig French, Thomas N. Griffin, James L. Weisenstein and Santa Cruz County Bank President & CEO Krista Snelling. 

Santa Cruz County Bank President and CEO Krista Snelling commented, "We believe the formation of our holding company will provide additional flexibility for future capital needs necessary to respond to evolving changes in the banking and financial services industries and will allow us to take advantage of opportunities afforded by this restructure. There are no changes to the operations of Santa Cruz County Bank or its employees."

ABOUT SANTA CRUZ COUNTY BANK
Founded in 2004, Santa Cruz County Bank is the wholly owned subsidiary of West Coast Community Bancorp. It is a top-rated, locally owned and operated, full-service community bank headquartered in Santa Cruz, California. The Bank has branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley, and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus, and direct access to decision makers. The Bank is a leading SBA lender in Santa Cruz County and Silicon Valley and a top USDA lender in the state of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals including business loans, lines of credit, commercial real estate financing, construction lending, agricultural loans, SBA and USDA government guaranteed loans, asset-based lending, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local not-for-profit organizations.

West Coast Community Bancorp stock is publicly traded on the OTCQX U.S. Premier Market under the symbol SCZC. Stock purchase orders may be placed online, through a brokerage firm, or through Market Makers listed in the Investor Relations section of the Bank's website. For more information about Santa Cruz County Bank visit www.sccountybank.com or contact [email protected].

This release may contain forward-looking statements that are subject to risks and uncertainties. Words such as "believe," "expect," "estimate," "project," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "predicts," "continue," and similar expressions are intended to identify such forward-looking statements; however, the absence of these words does not mean the statements are not forward-looking.  Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their related effects on inflation risk, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

SOURCE Santa Cruz County Bank