Business Bancorp Declares Cash and Stock Dividends; Bancorp to Issue $.01 Per Share Cash Dividend and 5% Stock Dividend.Business Editors SAN RAFAEL San Rafael (săn rəfĕl`), residential city (1990 pop. 48,404), seat of Marin co., W Calif., a suburb of San Francisco on the northern shore of San Francisco Bay; inc. 1913. , Calif.--(BUSINESS WIRE)--June 3, 2002 Business Bancorp (NasdaqNM:BZBC), parent company of Business 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. , today announced its Board of Directors declared a regular quarterly cash dividend of $0.01 per share payable June 28 to shareholders of record on June 14, 2002. In addition, the Board declared a 5% stock dividend, which also will be paid June 28 to shareholders of record on June 14, 2002. Each shareholder will receive 5 additional shares of common stock for every 100 shares currently owned. A cash payment will be made in lieu of fractional shares. Following the dividend, Business Bancorp will have approximately 3.9 million shares outstanding. "In our first quarter following the merger of equals, we generated strong loan and deposit growth and earnings per share that were accretive to shareholders," said Alan J. Lane, Chief Executive Officer. "Our integration process continues to be on schedule and we are confident the time and investments we are making will contribute to shareholder value." About Business Bancorp Business Bancorp is a bank holding company that owns 100% of the capital stock of Business Bank of California, the company's principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . The bank is a California state chartered Fed member commercial bank whose primary business includes retail banking, commercial, construction, and SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government lending activities. Business Bank of California has served California businesses since 1984. The bank operates 16 branches in the 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, cities of Corona, Hemet, Hesperia, Ontario, Phelan, Riverside, Redlands, Upland and San Bernardino, and in the Northern California cities of San Rafael, Petaluma, San Francisco, South San Francisco South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , and Hayward. They are strongly focused on providing high quality, personalized services to small businesses, professionals and consumers. For information on the company or to obtain the company's quarterly financial supplement, call Patrick E. Phelan, CFO See Chief Financial Officer. at 415/784-2328 or e-mail your request to pphelan@businessbank.com. Include your phone, facsimile, e-mail and mailing address. |
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