FBOP Corporation Agrees to Acquire California Savings Bank.Business Editors LOS ANGELES--(BUSINESS WIRE)--March 8, 2004 FBOP FBOP Flowery Broken Orange Pekoe (tea) FBOP Federal Bureau Of Prisons FBOP First Bank of Oak Park FBOP Fundamental Biology Outreach Program (NASA) Corporation, a bank holding company which owns banks in California, Illinois and Texas, and California Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. jointly today announced the signing of a definitive merger agreement for FBOP Corporation to acquire California Savings Bank. Under the terms of the agreement, which was approved unanimously by both Boards of Directors, holders of California Savings Bank common stock will receive approximately $198.34 in cash for each share of California Savings Bank common stock owned. The transaction has an approximate total value of $170 million. The purchase is expected to close during the second quarter of 2004 pending regulatory approvals and approval of California Savings Bank shareholders. Upon completion of the transaction, FBOP presently intends to retain California Savings Bank as a separate subsidiary. Robert M. Heskett, President of FBOP Corporation stated, "We are pleased to announce this merger, which gives FBOP an opportunity to enter the Bay Area market. We look forward to welcoming California Savings Bank into the FBOP family." Robert N. Symon, Chief Executive Officer of California Savings Bank, said, "We are pleased to be joining the FBOP family and believe that FBOP will be able to offer our customers enhanced products and services." California Savings Bank, a federally chartered savings bank headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden that was established in 1887, has $800 million in assets and 18 full service branch offices located in the Greater Bay Area of Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . FBOP Corporation is an $11 billion bank holding company headquartered in Oak Park, Illinois Oak Park, Illinois is a suburb just west of Chicago in Cook County, Illinois, United States. Oak Park has easy access to downtown Chicago (the Chicago Loop) thanks to public transportation such as the Chicago 'L', CTA buses, and Metra commuter rail. which owns financial institutions in Illinois, Texas and California, including California National Bank in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and San Diego National Bank in San Diego. |
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