Community Bancorp Inc. Completes Acquisition of Rancho Bernardo Community Bank.ESCONDIDO, Calif. -- Community Bancorp Inc. ("Community") (Nasdaq:CMBC CMBC Coast Mountain Bus Company (Surrey, BC, Canada) CMBC Canadian Mennonite Bible College CMBC Camp Memorial Blood Center (US Army) CMBC Castle Morpeth Bridge Club (UK) ), parent company of Community National Bank, announced that on Friday, August 19, 2005, it completed its previously announced acquisition of Rancho Bernardo Community Bank, a $124.5 million asset bank located in Rancho Bernardo, California. The single banking office of Rancho Bernardo will be added to the Community National Bank branch network. "We welcome Rancho Bernardo's customers, employees and shareholders into the Community family," stated Michael J. Perdue Perdue may refer to:
Shareholders of Rancho Bernardo common stock have the choice to receive cash, shares of Community or a combination subject to the limitations in the Merger Agreement. The transaction is valued at approximately $34.5 million, with each share of Rancho Bernardo being exchanged for either $31.46 in cash or 0.949 shares of Community common stock. On a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma consolidated basis with Rancho Bernardo as of June 30, 2005, Community National had assets of approximately $895 million and 11 branches in San Diego county and southwest Riverside county. ABOUT COMMUNITY BANCORP INC. Community Bancorp is a bank holding company with $770.2 million in assets as of June 30, 2005, with a wholly owned banking subsidiary, Community National Bank, headquartered in Escondido, California. The bank's primary focus is community banking, providing commercial banking services including commercial, real estate 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 loans to small and medium sized businesses. The bank (including the branch acquired through the Rancho Bernardo acquisition) serves San Diego County and southwest Riverside County with eleven community banking offices in Bonsall, El Cajon El Cajon (ĕl kähōn`), city (1990 pop. 88,693), San Diego co., S Calif.; inc. 1912. Electronic equipment, aircraft parts, irrigation equipment, furniture, and men's suits are among its manufactures. , Encinitas, Escondido, Fallbrook, La Mesa La Mesa (lə mā`sə), city (1990 pop. 52,931), San Diego co., S Calif., a suburb of San Diego; inc. 1912. It is a retail center and a popular residence for upper- and middle-income professionals in the San Diego area. , Murrieta, Rancho Bernardo, Santee, Temecula and Vista, and has additional SBA loan production offices that originate loans in California, Arizona, Nevada and Oregon. Information regarding Community Bancorp Inc. and Community National Bank is also available on the Internet at www.comnb.com. FORWARD LOOKING STATEMENTS Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute 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. 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, loan production, balance sheet management, expanded net interest margin, 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 (including the Small Business Administration), and general economic conditions. Additional information on these and other factors that could affect financial results are included in its Securities and Exchange Commission filings. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein to reflect future events or developments. |
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