1st Pacific Bank of California Announces Two-for-One Stock Split.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- 1st Pacific Bank of California The Bank of California was founded in San Francisco, California on July 5, 1864 by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West. (1st Pacific Bank) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FPBS FPBS Florida Public Broadcasting Service FPBS Federação Portuguesa de Basebol e Softbol FPBS Florida Property and Business Solutions, LLC (Cocoa Beach, FL and West Sussex, UK) ) today announced its board of directors has declared a two-for-one split of the bank's common stock to take effect June 15, 2005. Shareholders will receive one additional share for each share they own. It is anticipated the additional shares will be issued during June. The stock split will double the number of the bank's outstanding shares to approximately 3,848,000. "One of our founding visions is to be a compelling place to invest," said 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. A. Vincent Siciliano Si`ci`li`a´no n. 1. A Sicilian dance, resembling the pastorale, set to a rather slow and graceful melody in 12-8 or 6-8 measure; also, the music to the dance. . "Our people are creating a great San Diego business bank, and I am proud that 1st Pacific Bank is building so much value for our shareholders." The announcement comes days before the bank's shareholder meeting, scheduled for Thursday, May 19. 1st Pacific Bank's chairman of the board, James G. Knight, M.D., credits the bank's growth strategy for the bank's strong financial performance. "The strategic outlook and strong business approach put in place by our management team have translated into outstanding value for our shareholders," said Knight. "In preparation for leaving our de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. status behind, the board and management recently crafted an aggressive five-year strategic plan; the plan targets two additional regional offices, approximately $500 million in total assets and a higher return on shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. ." Recently, the bank reported more than doubling earnings to $422,000 for the first quarter of 2005 as well as increases in assets, loans and deposits, when compared to the same quarter 2004. The bank now has nearly $230 million in total assets. In addition, the bank was recently named California's top de novo bank by The Findley Reports and, to support continued growth, issued $5 million in subordinated debentures, to augment the bank's capital and increase its lending limits. "We intend to be the region's premier business bank," said Knight. "Through strong, controlled growth, and raising the bar on productivity, customer service and key financial results such as Return of Assets and Return of Equity, we are achieving that goal." About 1st Pacific Bank of California 1st Pacific Bank is a San Diego-based, locally owned and operated financial institution. The bank offers a full complement of business, personal and online banking products and services. Offices are located on Regents Road in the Golden Triangle area of La Jolla, in the Tri-Cities area of Oceanside on College Boulevard, in Mission Valley on Rio San Diego Drive and in the Inland North County on Evening Creek Drive North. The bank opened Nov. 17, 2000, after raising $11.5 million in an initial public offering. 1st Pacific Bank has steadily grown its assets to $229.2 million. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Certain statements in this press release, including statements regarding the anticipated development and expansion of the Company's business, and the intent, belief or current expectations of the Company, its directors or its officers, are "forward-looking" statements (as such term is defined in 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). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. PLEASE NOTE: This press release is distributed via Business Wire, with direct distribution to local San Diego news media, including newspapers, other local, weekly and monthly publications, and television and radio broadcast news departments. It is concurrently distributed to national investor newswire and financial information reporting services. |
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