Commerce National Bank Announces Its Intention to Open a Newport Beach Office and to Relocate Its Headquarters Staff.FULLERTON, Calif. -- Commerce National Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNBF), a community business bank, today announced that it intends to open a new branch office at 4040 MacArthur Blvd., Newport Beach Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif., near the Orange County/John Wayne Airport, and to transfer its headquarters staff to the new location when it is ready to open for business. The Bank currently anticipates that the Newport Beach office will open in the fourth quarter of 2006. The current headquarters location in Fullerton will continue as an active, full-service branch which will service the Bank's north Orange County customers. Concurrent with the opening of the Newport Beach office, the nearby Irvine office will be closed and the accounts and staff members will be moved to the Newport Beach office. All of these actions are subject to approval by the Bank's primary regulator regulator, n the mechanical part of a gas delivery system that controls gas pressure that allows a manageable flow of drug vapor to escape. regulator see reducing valve. , the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . With offices in Fullerton and the city of Irvine, near the Orange County/John Wayne Airport, the Bank is well positioned to serve businesses, professionals and selected real estate customers in both the northern and southern areas of Orange County. Both offices are staffed by experienced business bankers who are committed to providing exemplary service to their customers in the business community. Forward-Looking Statement 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. This news release contains statements that are 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. These statements are based on current expectations, estimates and projections about Commerce National Bank's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: Commerce National Bank's receipt of prior approval of the Comptroller of the Currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. for the opening of a branch office in Newport Beach, the closing of the Irvine office, the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of the headquarters office of the Bank from Fullerton to Newport Beach, and the continuation of the Fullerton office as a full-service branch of the Bank. In addition, the amendment of the Bank's articles of association to relocate the headquarters office from Fullerton to Newport Beach must be approved by the holders of at least two-thirds of the outstanding shares of common stock of the Bank. The Bank's intentions as stated in this news release are also subject to other risks discussed from time to time in the Bank's reports and filings with the Office of the Comptroller of the Currency, and may be further affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and Commerce National Bank does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. |
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