PCB Financial Expands Deadline for Election Form Submissions
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PCB Financial Extends Election Form Submission Deadline
PCB Financial Inc. has announced that it is extending the deadline for shareholders of Northern California Bancorp Inc. to submit their Election Forms concerning the recent merger between the two entities. Shareholders now have until September 13, 2024, to make their preferences known regarding their compensation options, which include cash, stock, or a mix of both.
Why the Extension Matters
This extension is designed to ensure that all shareholders have ample opportunity to elect their preferred form of compensation in connection with the merger. Given the complexity of such transactions, PCB aims to provide transparent and accessible options for its shareholders. Anand Gala, Chairman and CEO of PCB Financial, emphasizes their commitment to ensuring shareholder participation during this critical transition.
Understanding the Merger
With this merger, NCB and its fully owned subsidiary, Monterey County Bank, are now part of PCB Financial's portfolio. The merger is expected to enhance the bank's services and increase its ability to support local businesses, ultimately fueling growth in the community. This strategic consolidation aims to bring more capital into the bank, along with diversified services tailored to local industry needs.
Implications for Shareholders
Shareholders who fail to submit their Election Forms by the newly established deadline will see their merger consideration decided through proration and allocation methods as specified in the merger agreement. This ensures that processes are fair and aligned with the terms of the merger.
About Northern California Bancorp and Monterey County Bank
Northern California Bancorp was a public bank holding company that operated primarily through its subsidiary, Monterey County Bank. Known for its dedication to local businesses, this institution has provided essential banking services since its inception. Monterey County Bank prides itself as the oldest locally owned bank in its region, having opened its doors in May 1977. It has established a reputation as a leading SBA Lender in Monterey County, offering various services tailored to the needs of its commercial clients.
About PCB Financial, Inc.
PCB Financial is an investment firm based in Southern California, comprising a group of local investors. Their focus spans across various sectors such as corporate turnarounds, finance, real estate development, and agriculture. Through strategic investments, PCB aims to stimulate economic growth and enhance community welfare, demonstrating a dedicated approach to funding initiatives that foster local enterprise.
Frequently Asked Questions
What is the new deadline for submitting Election Forms?
The new deadline for submitting Election Forms is September 13, 2024.
What options do shareholders have regarding compensation?
Shareholders can choose to receive compensation in the form of cash, stock, or a combination of both.
What happens if a shareholder misses the deadline?
If the deadline is missed, the merger consideration will be decided based on proration and allocation procedures stated in the merger agreement.
What are the benefits of the merger for PCB Financial?
The merger allows PCB Financial to enhance its services, infuse new capital, and better support local businesses, driving growth in the community.
What is the history of Northern California Bancorp?
Northern California Bancorp was a publicly traded bank holding company, recognized as the oldest locally owned bank in Monterey County since 1977.
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