1st Century Completes L.A. County's Largest Initial Bank Stock Offering; New Westside Bank Opens With $26.4 Million in Capital From More Than 450 Investors.Business Editors/Banking Reporters CENTURY CITY, Calif.--(BUSINESS WIRE)--March 9, 2004 1st Century Bank, the newest business and professional bank on Los Angeles' Westside, has opened its doors with the largest initial stock offering ever for an independent bank in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County. 1st Century Bank began its capital campaign in late December 2003, with an ambitious goal of raising $19 million to $22 million. In order to accommodate the significant interest in the new bank, 1st Century subsequently increased its offering by 20%, from $22 million to $26.4 million. Notwithstanding the increase, 1st Century Bank received more than $34 million in applications from more than 450 investors, largely from the Los Angeles-area business community. As the offering was more than $7 million oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. , 1st Century returned the surplus to prospective investors after the offering concluded on January 30, 2004. "The tremendous response to our stock offering bodes well for the future business of the Bank," said 1st Century Bank Chairman Alan I. Rothenberg. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. with the confidence placed in our effort by so many accomplished people throughout Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ." 1st Century Bank is led by an experienced team of directors and banking executives with a history of managing well-capitalized and profitable commercial banks. The founding investors of 1st Century bring highly successful executive and community involvement careers to the Bank, ranging across all of the major industries that support the Los Angeles County economy, including banking, technology, law, investments, retail, medicine, entertainment and sports, philanthropy philanthropy, the spirit of active goodwill toward others as demonstrated in efforts to promote their welfare. The term is often used interchangeably with charity. , real estate finance and development. The team was brought together by Rothenberg, a retired partner at the law firm of Latham & Watkins. Rothenberg was a founder and managing partner of the Los Angeles-based law firm then known as Manatt, Phelps, Rothenberg & Phillips, which specializes in banking. He also has considerable experience in the sports industry. Serving as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of 1st Century Bank is Richard S Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a . Cupp, who in 40 years in commercial banking has served as an executive at First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the and California Federal Bank California Federal Bank, often abbreviated to "Cal Fed", was a savings and loan bank in California. It existed from 1926 until 2002, when its parent company Golden State Bancorp was acquired by Citigroup, resulting in the bank being merged into Citibank. and has been President and CEO of numerous community and independent banks in California. "Starting something new is always exciting, and with the experienced, energetic team we've assembled, I know 1st Century Bank will succeed," Cupp said. 1st Century Bank's goal is to build a full-service commercial bank that will focus on small- and medium-size businesses and professional organizations based in Los Angeles, primarily entities accessible to the Bank's main office in Century City. 1st Century will also provide a wide range of banking services to meet the financial needs of the owners and employees of the Bank's business client base. "Given the consolidation of California's big banks and the flight of their top executives from Los Angeles, there is tremendous opportunity for 1st Century Bank to serve businesses and individuals who want instant attention supported by state-of-the-art technology," Rothenberg said. 1st Century held its first shareholders meeting February 24 in the Bank's new branch, located in the lobby of the corporate headquarters at 1875 Century Park East in Century City. The Bank received authorization The right or permission to use a system resource; the process of granting access. See access control. to open from the U.S. Treasury's Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ) on February 26, 2004. The deposits of the Bank are insured by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ).
A complete list of 1st Century's 126 Founders is attached.
Visit 1st Century Bank on the Web at www.1stcenturybank.com.
Additional contacts: Alan I. Rothenberg Chairman 310-270-9501 arothenberg@1stcenturybank.com Richard S. Cupp President & CEO 310-270-9502 rcupp@1stcenturybank.com Certain matters discussed in this press release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements relate to the future financial performance and condition of 1st Century Bank. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements due to a number of factors, including, but not limited to: (1) the strength of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. economy in general and the strength of the regional and local economies within California, and Southern California, in particular, (2) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , (3) competition from other financial and financial-related institutions that are larger than 1st Century Bank, (4) our ability to retain key employees, (5) our expectation of incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. after we commence operations, (6) our ability to raise additional capital to support growth, (7) inflation, interest rate, market and monetary fluctuations, (8) our ability to make loans, attract deposits, and develop products and services in a changing environment, including the features, pricing and quality of our loans, deposits and other products and services compared to the products and services of our competitors, (9) the willingness of users to substitute competitors' products and services for our products and services, (10) the impact of changes in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. policies, laws and regulations, including laws, regulations and policies concerning taxes, banking, securities and insurance, and the application thereof by regulatory bodies, (11) technological changes, (12) changes in consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. and savings habits and (13) regulatory or judicial proceedings judicial proceedings n. any action by a judge re: trials, hearings, petitions, or other matters formally before the court. (See: judicial) . FOUNDERS LIST Harold E. Applebaum - Douglas Furniture Randall C. Basset, Esq. - Latham & Watkins Harriett Bay James Beaubien, Esq. - Latham & Watkins Dennis S. Beck - Flavuance Corporation Christian K. Bement(1) - Earl Scheib, Inc. Randy Bernstein - Premier Partnership Les Biller - Wells Fargo (Retired) Kendall R. Bishop, Esq. - O'Melveny & Myers Dave Brooks(1) - Mara Escrow Marc Brooks - Mara Escrow Alan Browne - Browne & Woods Mel & Pearl Brooks Steven Burkow, Esq. - Ziffren, Brittenham, Branca Allan Burns - Writer/Producer Pamela J. Buttery Marian Corday Stephen Corday, MD Richard Cupp(1) - 1st Century Bank I.O. Thomas Dean Marvin Demoff - Neuberger Berman Joseph J. Digange(1) - 1st L.A./Western Bank (Retired) Julie Diller Jason P. DiNapoli - 1st Century Bank I.O. Robert Eatman - Robert Eatman Enterprises, Inc. Harvey Eisen - Bedford Oak Advisors Keith Elkins, Esq. - Jeffer Mangels Butler & Marmaro Ned & Susan Fenton - Republic Natl. Bus. Credit Larry Field - NSB Associates, Inc. Steve Firshein - Manhattan Dental Corporation Carol L. Fishburn Diane M. Fishburn - Olson, Hagel & Fishburn Matthew Fishburn Esq - Gordon Fishburn Schlossmann Barry Freeman, Esq - Jeffer Mangels Butler Marmaro Jean Gold Friedman Marshall Geller(1) - St. Cloud Capital LLC Eric M. George, Esq. - Browne & Woods Daniel Glickman - Glickman Capital Richard E. Gold - Gold Realty Company Michael A. Gordon - Brentwood Mgmt. Group Richard & Anita Green - Westfield Group J. Michael Henningan, Esq. - Henningan, Bennet, Dorman Gail Hershowitz - Mara Escrow Joshua A. Hiller, Esq. - Freund, Brackey & Blakely Stephen E. Hiller, MD Alan D. Jacobson - Xap Corporation Scott M. Kalt, Esq. - Jeffer Mangles Butler & Marmaro Jeffrey L. Kateman, Esq. - Latham & Watkins Robert & Milly Kayyem - CMS Motorola Adam Keller & Jennifer Rens Larry & Susan Keller Peter W. Kelly - TMP International Scott P. Klein, Esq. - Latham & Watkins Joanne C. Kozberg(1) - California Strategies Harvey A. Lapin DDS Jeff Lehrer - Fiesta Capital Corporation Alan D. Levy(1) - Tishman International Companies Gary F. Madvin - FMS Insurance Services Charles T. Manatt, Esq. - Manatt, Phelps & Phillips Paul J. Mandabach - Mandabach & Winner Robert Margolis - The Cherokee Group Bert & Phyllis Massing, Esq. - Ervin, Cohen & Jessup Ron Mavaddat - Elite Properties Emily Gold Mears Marla Messing Jeffrey P. Mirvis - MGT Industries Robert & Ruth Mirvis Jerry & Carol Muchin Mark Nathanson, CPA John F. Nickoll - Foothill Group David & Cynthia Pasternak - Pasternak Pasternak Patton Peter T. Paterno, Esq. - King, Holmes, Paterno Norman J. Pattiz - Westwood One Barry D. Pressman, MD(1) - Cedars Sinai Imaging Richard & Lois Reinis - Krispy Kreme Doughnuts, Inc. Gary Reuben Wayne M. Rogers Robert S. Rollo - TMP Highland Partners George Rosenthal - Raleigh Enterprises Richard S. Rosenzweig - Playboy Enterprises Edward P. Roski, Jr. - Majestic Realty Jonathan P. Roth - Canyon Capital Realty Alan(1) & Georgina Rothenberg - 1st Century Bank I.O. Brad Rothenberg - BRC Group Danny Rothenberg - Danny Rothenberg Photography Richard & Laurice Rothenberg - Browne and Woods Dan & Tylie Savage - Nationwide Speakers Michael J. Schiff, Esq. - Pastor & Schiff John J. Shaw - St. Louis Rams Lee Silver, Esq. - Ervin, Cohen & Jessup Eric Smidt - HarborFreight Mark J. Smith (Smith Family Kids) - Coronet Lighting Isaac Soffer - Living Things Stephen Solomon, Esq. Jeffrey P. Sudikoff - Riverhorse Investments Bradley & Jean Tabach-Bank Paul Tosetti, Esq. - Latham & Watkins Thomas & Janet Unterman - Rustic Canyon Group W. Alex & Elizabeth Voxman - Latham Watkins Dennis M. Wasser, Esq. - Wasser, Cooperman & Carter Jeffrey M. Watson - 1st Century Bank I.O. Douglas & Ellen Weitman John Wilson - Schwartz, Wisot & Wilson Charles Winner - Winner & Associates Lewis N. Wolff(1) - Wolff DiNapoli LLC Ed Woods - Browne & Woods Robert Zarnegin - Probity Int'l. Corp. (Peninsula Hotel) Richard S. Ziman - Arden Realty (1) Member of the Organizing Board of Directors |
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