TEMECULA, Calif., April 13, 2005 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) today announced that its board of directors has approved a plan to establish a bank holding company.
Following shareholder and regulatory approval, Mission Oaks National Bank would become the wholly owned subsidiary of a new holding company, most likely to be named Mission Oaks Bancorp. The board of directors believes that the new corporate structure will provide additional growth opportunities and greater financial flexibility for Mission Oaks.
Mission Oaks directors will seek shareholder approval of the plan to form a bank holding company at its annual shareholders meeting to be held this summer.
"The bank holding company structure makes it easier for the firm to raise additional capital, repurchase its own stock, borrow money, acquire other banks and non-bank entities and issue stock," said Robert Knogge, Mission Oaks chairman. "All our current directors potentially would serve in a similar capacity in the holding company."
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of more than $120 million that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego County and Phoenix. Mission Oaks plans to open a third branch in Ontario this summer.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com.
Safe Harbor
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 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 Office of the Comptroller of the Currency.