OAKLAND, Calif., Dec. 07, 2020 (GLOBE NEWSWIRE) -- Community Bank of the Bay (the "Bank") (OTCPink:CBYAA), announced that, after having received all regulatory and shareholder approvals necessary for the reorganization of the Bank into a bank holding company format, that it consummated the reorganization as of December 7, 2020. Effective the close of business on December 7, 2020, Bay Community Bancorp (“Bancorp”) will become the bank holding company for the Bank. Trading of Bay Community Bancorp’s, Series A Voting Common Stock, will begin on Tuesday, December 8, 2020, under the symbol “CBOBA.” The reorganization will be completed through a share exchange in which the Bank’s shareholders will receive one share of common stock of Bay Community Bancorp in exchange for each share of the Bank’s common stock.
“We plan to use the new bank holding company structure to provide access to potentially more efficient capital options and allow us to participate in additional strategic initiatives, including economic development programs provided by the Community Development Financial Institutions Fund,” said William Keller, President and Chief Executive Officer. “We are excited about the continued progress of our organization, and are confident that the new corporate structure will benefit our company, its customers and shareholders.”
Following the reorganization, the Bank’s shareholders will become shareholders of Bay Community Bancorp, and Bay Community Bancorp will be the Bank’s parent company. Bay Community Bancorp was organized as a California corporation on June 29, 2020 to act as the bank holding company for the Bank. The executive officers and directors of Bay Community Bancorp are a select group of those of the Bank. The Bank will continue to operate as Community Bank of the Bay, and be managed by its current Board of Directors and executive officers. The Bank will continue to engage in the same business in which it presently is engaged and will continue its operations out of its current locations. Bank shareholders will soon receive a letter from the transfer agent for Bay Community Bancorp explaining the exchange of Bank shares of common stock for Bay Community Bancorp shares of common stock.
About Bay Community Bancorp
Bay Community Bancorp(OTCPink: CBOBA) is the parent company of Community Bank of the Bay, a San Francisco Bay Area commercial bank with full-service offices in Oakland, Danville and San Mateo. Community Bank of the Bay serves the financial needs of closely held businesses and professional service firms, as well as their owner-operators and non-profit organizations throughout the San Francisco Bay Area. Community Bank of the Bay is a member of the FDIC, an SBA Preferred Lender, and a CDARS depository institution, headquartered in Oakland, with full-service branches in Danville and San Mateo. It is also California’s first FDIC-insured certified Community Development Financial Institution and one of only three operating in the Bay Area. The bank is recognized for establishing the Bay Area Green Fund to provide financing to sustainable businesses and projects and supports environmentally responsible values. Additional information on the bank is available online at www.BankCBB.com.
Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank does not undertake, and specifically disclaims, any obligation to update or revise any forward-looking statements, whether to reflect new information, future events, or otherwise, except as required by law.
Contacts:
William S. Keller, President & CEO
510-433-5404
wkeller@BankCBB.com