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West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp (OTCQX: FISB) have received shareholder approval for their merger. The transaction, expected to close on October 1, 2024, has also obtained all necessary regulatory approvals. Based on June 30, 2024 financial results, the combined entity will have approximately $2.8 billion in total assets and banking branches in four Central Coast California counties.
Krista Snelling, President and CEO of West Coast Community Bancorp and Santa Cruz County Bank, expressed excitement about the merger's progress and its potential to enhance technology and services for clients throughout the West Coast. The merger will combine Santa Cruz County Bank's strengths as a top-rated, full-service community bank with 1st Capital Bank's focus on commercial enterprises, professionals, and real estate investors along the Central Coast region of California.
On July 29, 2024, 1st Capital Bancorp (OTCQX: FISB) announced unaudited financial results for Q2 2024. The company reported a net income of $894K, or $0.16 per diluted share, compared to $901K in the prior quarter and $609K a year ago. For H1 2024, net income rose by $128K to $1.8M. The merger with Santa Cruz County Bank is set for Q4 2024, pending regulatory approvals. Merger-related expenses were $282K and affected ROA and ROE. Total assets increased to $1.0B, while core loans grew to $602.5M. However, deposits excluding brokered deposits declined by $32.8M. The company’s quarterly net interest margin was 3.29%, with the cost of funds rising to 1.56%. Non-interest expenses increased primarily due to merger costs. The efficiency ratio was 76.65%, impacted by merger costs. Provision for credit loss expense was reduced to $774K. Non-performing assets rose to 0.15% of total assets. The company maintains strong liquidity with $349.3M in available borrowing lines.
West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp (OTCQX: FISB) announced a merger agreement valued at $63 million. The deal, expected to close in Q4 2024 pending regulatory and shareholder approval, will see 1st Capital Bancorp merge into West Coast Community Bancorp in an all-stock transaction. Each FISB share will be exchanged for 0.36 shares of SCZC. The combined entity will have nearly $3 billion in assets and a 10% deposit market share in Santa Cruz and Monterey Counties. The merger is projected to increase SCZC's annual EPS by 20% post-efficiencies. Key executives from both companies will join the Board of Directors.
1st Capital Bancorp, parent company of 1st Capital Bank, reported Q1 2024 financial results with $901k net income, $0.16 EPS. Despite funding costs and NIM challenges, they are optimistic about loan demand and profitability. Total assets reached $1.0 billion, $559.1 million core loans, and $885.7 million deposits.
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