Goleta National Bank and Los Robles Bancorp to create multibank holding company via merger.GOLETA, Calif.--(BUSINESS WIRE)--March 26, 1997--Lew Stone, president and chief executive officer of Goleta National Bank (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 :GLTB) (GNB GNB Guinea-Bissau (ISO Country code) GNB Good News Bible GNB Group of Notified Bodies GNB Gram-Negative Bacillus GNB Grenoble, France - St Geoirs (Airport Code) GNB Global Networked Business ), and Robert Hamilton For other persons named Robert Hamilton, see Robert Hamilton (disambiguation). Robert Hamilton (June 11, 1743 - 1829), Scottish economist and mathematician, was born at Pilrig, Edinburgh, Scotland. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Los Robles Robles is a common surname in the Spanish language meaning oaks, and may refer to:
See: Over-the-counter. OTC See over-the-counter market (OTC). :LSRB) (LRBC), a bank-holding company, Wednesday jointly announced the signing of a letter of intent to merge for the purpose of creating a multibank holding company Noun 1. multibank holding company - a bank holding company owning several banks bank holding company - a holding company owning or controlling one or more banks . LRBC will be renamed Community West Bancshares (CWB CWB Canadian Wheat Board CWB Central Weather Bureau CWB Canadian Welding Bureau CWB Causeway Bay (Hong Kong) CWB Corpus Workbench CWB Certified Wildlife Biologist CWB Child Welfare Board ). Goleta National Bank and Los Robles Bank, an existing subsidiary of LRBC, will be the first two member-bank subsidiaries of CWB. Michael Alexander, chairman of GNB, will become chairman of CWB. Jerry Miller, chairman of LRBC, will become vice chairman of CWB. Stone will become president and CEO and Hamilton will become executive vice president of CWB. The letter of intent, subject to the preparation and execution of a definitive agreement to merge, requires shareholder approval of both GNB and LRBC, as well as state and federal regulatory agencies. It is anticipated that the tax-free-exchange, pooling-of-interests transaction will be completed during the fourth quarter of this year. Stone said: ``To bring two strong, well-capitalized and profitable institutions together is an outstanding opportunity to enhance shareholder value by leveraging complementary products and services with the latest technology to share our vision of how community banks can effectively serve both their communities and their shareholders in the highly competitive years ahead. ``We have been extremely fortunate to find such a quality bank as Los Robles Bank interested in joining to define the first two member banks in the Community West Bancshares family.'' In Hamilton's view: ``Our intent is to also have other member banks within Community West Bancshares. The concept of a family of community banks, each maintaining its own identity, board of directors and management team, while consolidating common functions that yield economic and marketing advantages under one holding company is extremely appealing and should substantially enhance shareholder value in the future.'' In a tax-free exchange tax-free exchange An exchange of assets between taxpayers in which any gain or loss is not recognized in the period during which the exchange takes place. Rather, taxpayers are required to adjust the basis of assets exchanged. , GNB shareholders will receive approximately 0.55 shares of Community West Bancshares for each share of GNB stock. In addition, outstanding warrants of GNB will be exchanged for warrants in Community West Bancshares at the same ratio. It is anticipated that the Community West Bancshares stock will be traded on the NASDAQ National Market System. GNB shares currently trade on the NASDAQ National Market System under the symbol GLTB and its warrants trade on the OTC market under the symbol GLTBW. LRBC shares trade on the OTC market under the symbol LSRB. Los Robles Bank, a subsidiary of LRBC, is a community bank with headquarters in Thousand Oaks, Calif., and year-end 1996 assets of $93.5 million. It specializes in lending to small- and medium-sized businesses and operates offices in Thousand Oaks, Westlake Village and Camarillo in California. Goleta National Bank is a community bank with headquarters in Goleta and with year-end assets of $80.9 million, and loan-production offices in Santa Ana, Ventura, Santa Barbara, Santa Maria, Bakersfield, and Fresno in California and in Las Vegas. GNB is the largest national bank FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). Title 1 loan originator in California and has U.S. Small Business Administration preferred-lender status throughout California and Nevada. The following is 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 information of the combined entities as of Dec. 31, 1996: -0-
GNB LRB COMBINED
Assets 80,884,000 93,598,000 174,482,000
Loans 57,400,000 52,574,000 109,974,000
Deposits 70,606,000 82,959,000 153,565,000
Equity 10,059,000 6,874,000 16,933,000
Net Income 1,106,000 712,000 1,818,000
Earnings Per Share 0.91 1.34 1.52
CONTACT: Goleta National Bank, Goleta Randy Shaffer, 805/692-5821 or Los Robles Bancorp, Thousand Oaks Robert Hamilton, 805/373-6763 |
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