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David R. Morris
LOS ANGELES, California (September 23, 2011) – Royal Business Bank, announced today that it completed its acquisition of Ventura County Business Bank (VCBB.OB) for cash. Ventura operates two full–service branches one in Oxnard, California and the other one in Westlake Village, California and had assets as of June 30, 2011 of $78.4 million, deposits of $67.2 million and shareholder’s equity of 3.2 million.
The transaction will increase total assets of Royal to approximately $430 million and will mark Royal’s second acquisition since its formation in November 2008. On Monday morning Ventura’s offices will become branches of Royal and operate as Ventura County Business Bank a Subsidiary of Royal Business Bank until the completion of the conversion to a common platform in February.
Louis Chang, Chairman of Royal Business Bank, stated, “We are very pleased to expand our growing franchise into Ventura County. The acquisition of Ventura County Business Bank gives us the opportunity to serve our market niche in Ventura County and to reach a new customer base. Royal’s success has been built on providing excellent customer services in the communities that it serves.”
Alan Thian, President and CEO of Royal Business Bank continued, “Royal Business Bank’s success has been built on providing commercial and SBA lending to the customers it serves. We believe that there are opportunities in the Ventura market for this type of lending. Furthermore Royal has an expertise in trade finance and with the Port of Hueneme located nearby we believe there are opportunities for us.”
Jerry Lukiewski, Chief Executive Officer of Ventura County Business Bank, added, “From a customer standpoint, this transaction will be very beneficial. Our customers will have access to a greater array of products and services, and we will now have a significantly larger lending limit which will make us more competitive in the Ventura County market. Ventura County customers will continue to see the same level of personal service to which they are accustomed.”
Royal Business Bank is being advised by Loren P. Hansen, APC. Ventura County Business Bank is being advised by FIG Partners and Stuart Moore.
Royal Business Bank is a Chinese-American business-oriented bank with an emphasis on trade finance, commercial and industrial and SBA lending. Our size and infrastructure allows our bank to serve customers that require higher lending limits than normally associated with smaller, local banking organizations. Royal Business Bank established its Los Angeles, California headquarters in November 2008. Initial total capital was $71 million. It has six branches, four in the Los Angeles area and two in Las Vegas. Additional information can be found on the internet at www.royalbusinessbankusa.com.
Ventura County Business Bank is a California chartered, FDIC insured community bank serving Ventura County with a focus on providing quality banking products and friendly personal service to the people and businesses in and around the Ventura County market. Established in 2002, Ventura County Business Bank conducts its operations from two locations, with its headquarters in Oxnard and a full-service office in Westlake Village. Additional information on Ventura County Business Bank may be found on its web site: www.vcbbank.com.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Words or phrases such as “expect,” “believe,” “intend,” “plan,” “estimate,” “may,” “should,” “will likely result,” “will continue,” “is anticipated,” “estimate,” “project” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are subject to and involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those indicated in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in forward looking statements: (1) the businesses of Royal Business Bank and Ventura may not be combined successfully or such combination may take longer to accomplish than expected; (2) the cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) changes in general economic conditions, could affect the volume of loan originations, deposit flows and real estate values, credit quality trends; (5) changes in laws, regulations or policies by government or regulatory agencies could affect the banking industry, (6) fluctuations in interest rates could affect the banking industry, (7) change in the demand for loans in the market areas that Royal Business Bank and Ventura conduct their respective business could affect profitability, and (8) competition from other financial services companies in Royal Business Bank’s and Ventura’s markets could increase. These statements include, but are not limited to, statements about Royal Business Bank’s and Ventura’s plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts. Royal Business Bank and Ventura caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Royal Business Bank and Ventura undertake no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.