Business Bank of California Becomes Wholly Owned Subsidiary of Business Bancorp.Business Editors SAN BERNARDINO San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. , Calif.--(BUSINESS WIRE)--Jan. 24, 2000 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. Monday announced that final approval was received for the formation of Business Bancorp, a bank holding company. Effective Jan. 21, 2000 at 5 p.m. Pacific Standard Time, Business Bank of California became a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Business Bancorp. Business Bancorp opened for trading this morning on the Over-the-Counter Bulletin Board under the stock symbol BZBC.OB. Business Bancorp is a newly formed California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). corporation, organized at the direction of the board of directors of Business Bank of California. Alan J. Lane, president and chief executive officer of the bank and holding company commented on the new corporation, stating, &uot;Formation of the holding company represents achievement of a strategic goal to enhance the bank's franchise. The new corporate structure will better position the company to respond to changes in the banking and 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. industry, while providing greater flexibility in meeting the future financing needs of the holding company and its subsidiaries.&uot; The bank's aggressive expansion and acquisition strategy was a primary factor in the establishment of the holding company structure. Inherent in the expanded capabilities represented by the reorganization is the flexibility of acquiring additional banking franchises which could remain autonomous in operation and retain the name of the acquired bank where that name represents franchise value. Shareholders of Business Bank of California will receive a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. instructing them how to exchange their shares for Business Bancorp shares. Each share of Business Bank of California stock will be exchanged for one share of Business Bancorp stock. Shareholders may continue trading shares of Business Bank of California stock as if they are Business Bancorp stock until shares have been exchanged. Customers are requested not to bring certificates into the bank for conversion. Business Bank of California, a $225 million commercial bank, has served the Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. since 1984 and operates branches in the cities of San Bernardino, Corona Corona, city, United States Corona (kərō`nə), city (1990 pop. 76,095), Riverside co., S Calif.; inc. 1896. The city developed as a primary citrus fruit producer and shipping center. There is also light manufacturing. , Hesperia, Phelan, Redlands and Ontario. The organization's primary focus is on meeting the financial needs of small to mid-size clients in the professional and business communities it serves. In addition, the company is committed to providing a wide range of services designed to meet the personal banking requirements of individuals in the communities it serves. Visit Business Bank of California on the Internet at www.businessbank.com. Business Bancorp stock information is available utilizing the symbol (BZBC.OB). |
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