Cactus Commerce Bank Changes Name to Community Bank of Arizona.New Identity Follows Merger with Nevada Bank Holding Company
GLENDALE, Ariz. -- Cactus Commerce Bank, a wholly-owned subsidiary of Community Bancorp (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CBON), has announced that it has changed its name to Community Bank of Arizona. The change is effective immediately.
"Our new name expresses the spirit of community and our commitment to Arizona," said Gerald B. Ernst, President and Chief Executive Officer of Community Bank of Arizona, located in Glendale. "We bring the best of both worlds: relationship-focused, experienced bankers who are truly responsive to the needs of their customers, backed by an expanded menu of financial products for commercial customers -- services and resources that only a larger organization can provide."
The bank provides commercial banking services, including real estate, construction, commercial loans and SBA SBA
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 loans, ranging from $50,000 to $30 million, to small- and medium-sized businesses in the Valley. The expanded product line and larger loan limit are supplied through the bank's relationship with Community Bank of Nevada. Community Bancorp, the holding company for both banks, acquired 100% of Cactus Commerce Bank's stock in September of last year.
"Our plans with the name change include expanding our geographic footprint. We expect to open a branch in Fountain Hills Fountain Hill may refer to:
Ernst expects the conversion will be seamless for existing Cactus Commerce Bank customers, and account holders will shortly receive a complimentary supply of checks bearing the bank's new name. "Account numbers, debit and ATM card An ATM card (also known as a bank card, client card, or cash card) is an ISO 7810 card issued by a bank, credit union or building society.
Its primary uses are:
"The changing of Cactus Commerce's name fits into our branding strategy by having both the Arizona and Nevada banks come under the Community Bank name," said Edward M. Jamison, Chairman, President and Chief Executive Officer of Community Bancorp. "Although both banks are separate chartered banks Chartered Bank
A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission with independent boards of directors, having similar names will provide us better branding and identity in the markets in which we operate."
About Community Bank of Arizona
Community Bank of Arizona (formerly Cactus Commerce Bank) is a community-based bank with an office in Glendale, Ariz. It primarily serves small business and professional customers in a highly responsive manner, providing commercial banking services, including real estate, construction, commercial loans and SBA loans, to small- and medium-sized businesses. Community Bank of Arizona and Community Bank of Nevada are wholly owned subsidiaries Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Community Bancorp. For more information, please contact President and Chief Executive Officer, Gerald Ernst at (623) 979-1999.
About Community Bancorp
Community Bancorp is a bank holding company headquartered in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nev. with two bank subsidiaries. Through Community Bank of Nevada's current 13 full-service banking offices in Nevada, two loan production offices located in Phoenix and 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. , and the recently acquired Cactus Commerce Bank, now Community Bank of Arizona, it provides commercial banking services, including real estate, construction and commercial loans and SBA loans to small- and medium-sized businesses.
For more information about Community Bancorp, visit its website at www.communitybanknv.com.
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.
Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, the ability to staff any potential new branch locations in Arizona, loan production, balance sheet management, the economic condition of the markets in Las Vegas, Nev., or Phoenix, Ariz., net interest margin, loan quality, the ability to control costs and expenses, interest rate changes and financial policies 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. government, and general economic conditions. Additional information on these and other factors that could affect financial results are included in our Securities and Exchange Commission filings.
When used in this release, the words or phrases such as "will likely result in," "management expects that," "will continue," "is anticipated," "estimate "projected," or similar expressions are intended to identify "forward-looking statements" 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 (PSLRA PSLRA Private Securities Litigation Reform Act
PSLRA Public Service Labour Relations Act (Canada) ). Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Community Bancorp undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. This statement is included for the express purpose of protecting Community Bancorp under PSLRA's 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. provisions.