CORONADO, CA — (Marketwired) — 04/02/13 — Today, Coronado First Bank (OTCQB: NADO) and San Diego Private Bank announced the completion of their merger, effective April 2, 2013. Although Coronado First Bank is the surviving bank in the merger, the combined bank will operate under the name of San Diego Private Bank and will be headquartered in Coronado. The Bank-s Coronado and Newport offices will operate as divisions under the names Coronado Private Bank and Newport Private Bank, respectively. The SBA division located in San Marcos will continue to expand under the Private Business Capital banner. Selwyn Isakow will serve as Chairman of the Board, Maria P. Kunac will serve as President and CEO of the Bank and the continuing directors will be David Ellman, David Engelman, Selwyn Isakow, Leon Kassel, Maria P. Kunac, David Moore, Ernest Rady, Steve Rippe and Jerry Suppa, for a total of nine directors. The combined Bank has approximately $300 million in total assets with capital significantly above regulatory requirements.
Ms. Kunac said, “The bank-s experienced and knowledgeable staff will continue to focus on providing exceptional personal service and customized solutions for individuals, businesses, and investors. The same friendly and efficient bankers will continue to handle client relationships offering a broader array of banking products and services through a newly expanded branch network.”
Mr. Isakow added, “This merger benefits current and prospective customers as well as the communities in which we operate. With our combined experience and expertise in all aspects of real estate and commercial lending, our culture of unparalleled client service and customized personal financing solutions and our full complement of government guaranteed small business loan products; we expect to grow organically throughout Southern California. With our strong capital base we may also have the option of expanding through value creating, targeted strategic acquisitions.”
With the name change to San Diego Private Bank, the surviving bank anticipates the issuance of a new ticker symbol shortly following the closing. The bank will issue a press release announcing the new ticker symbol when it is assigned.
This release contains certain forward-looking information about San Diego Private Bank (the “Company”) that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, and include statements related to the expected results of the Merger, anticipated market conditions in Southern California, and other statements concerning future events of expectations. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. Forward-looking statements speak only as of the date they are made and the Company assumes a duty to update such statements. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to, the Company-s ability to complete any future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all, the ability to retain customers, changes in the bank regulatory environment, demographic changes, demand for the products or services of the Company as well as the ability to attract and retain qualified people, competition with other banks and financial institutions, and other factors. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the Company-s results could differ materially from those expressed in, or implied or projected by such forward-looking statements.