California Community Bank Announces Major Shareholder.ESCONDIDO, Calif. -- California Community Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CABK CABK Central Association of Beekeepers (UK) CABK Christelijke Academie voor Beeldende Kunsten (Dutch) ), today announced that Richard W. Arendsee and related entities have received the required regulatory approvals to increase their stock ownership to an aggregate of 20% of the Bank's outstanding common stock vis-a-vis additional share purchases that will be made through the public market. Mr. Arendsee is a founder and current Director of the Bank and presently holds about 9.9% of the bank's common stock. Mr. Arendsee and his related interests have a long history of investing in community banks in California. In addition to his current holdings, Mr. Arendsee has in the past been an original investor, a Board member, and a 23% shareholder of the original Southwest Bank, which was acquired by Security Pacific Bank. He was also a 10% shareholder of Rancho ran·cho n. pl. ran·chos Southwestern U.S. 1. A hut or group of huts for housing ranch workers. 2. A ranch. Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. National Bank and his wife, Judith Arendsee, served as a Director of the bank. Mr. Arendsee was also a founding investor in Southwest Community Bank, which was acquired by Placer Sierra Bank in 2006. California Community Bank, which commenced operations on August 11, 2003, is headquartered at 1320 West Valley Parkway in Escondido and currently operates 3 branches - Escondido, 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 Vista, CA. For more information on the Bank, please visit www.calcommunitybank.com or call 760-888-1000. The numbers in this press release are unaudited. Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, 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. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with 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. . |
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