Santa Cruz County Bank, with assets of $1.75 billion, is a top-rated community bank headquartered in Santa Cruz County. Today, the Bank announced the consummation of its holding company reorganization with West Coast Community Bancorp (“WCCB”), effective August 18, 2023.
The formation of the Bank’s holding company, West Coast Community Bancorp, was discussed in detail in the Bank’s annual proxy statement, approved by shareholders on May 24, 2023, and subsequently approved by the Bank’s regulators. As a result of the transaction, Santa Cruz County Bank has become a wholly owned subsidiary of WCCB, and shareholders of the Bank have become shareholders of the holding company on a “one share for one share” basis. Shares of WCCB will be quoted on the OTC Markets OTCQX® U.S. Premier Market beginning today, August 28, 2023, under the trading symbol SCZC, retaining continuity with the Bank’s prior quotation and symbol. The Board of Directors of West Coast Community Bancorp and Santa Cruz County Bank are identical: Chairman Stephen D. Pahl, Vice Chairman & Corporate Secretary John C. Burroughs, Caroline D. Chapin, Kenneth R. Chappell, Craig French, Thomas N. Griffin, James L. Weisenstein and Santa Cruz County Bank President & CEO Krista Snelling.
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Santa Cruz County Bank President and CEO Krista Snelling commented, “We believe the formation of our holding company will provide additional flexibility for future capital needs necessary to respond to evolving changes in the banking and financial services industries and will allow us to take advantage of opportunities afforded by this restructure. There are no changes to the operations of Santa Cruz County Bank or its employees.”
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ABOUT SANTA CRUZ COUNTY BANK
Founded in 2004, Santa Cruz County Bank is the wholly owned subsidiary of West Coast Community Bancorp. It is a top-rated, locally owned and operated, full-service community bank headquartered in Santa Cruz, California. The Bank has branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley, and Watsonville. Santa Cruz County Bank is distinguished from “big banks” by its relationship-based service, problem-solving focus, and direct access to decision makers.
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