- West Coast Community Bancorp (OTCQX:SCZC) and 1st Capital Bancorp (OTCQX:FISB) have entered into an agreement and plan of reorganization and merger, pursuant to which 1st Capital Bancorp will merge with and into West Coast Community Bancorp in an all-stock deal valued at about $63 million, or $10.78 per FISB share, the companies said late on Monday.
- Both Boards of Directors of West Coast Community Bancorp and 1st Capital Bancorp have unanimously approved the transaction, which is expected to close in the fourth quarter of 2024.
- The directors of West Coast Community Bancorp (OTCQX:SCZC) and 1st Capital Bancorp (OTCQX:FISB) have entered into agreements pursuant to which they have committed to vote their shares in favor of the transaction.
- At closing, Krista Snelling, President and CEO of the Bancorp and Bank, will lead the combined franchise.
- SCZC expects to realize approximately 20% annual EPS accretion following full realization of operating efficiencies.
- Source: Press Release