Santa Cruz County Bank consummated a holding company reorganization with the formation of West Coast Community Bancorp, which went into effect on Aug. 18.
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 West Coast Community Bancorp, and shareholders of the bank have become shareholders of the holding company on a “one share for one share” basis. Shares of West Coast Community Bancorp began being quoted on the OTC Markets OTCQX U.S. Premier Market on Aug. 28 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, with Stephen D. Pahl serving as chairman, John C. Burroughs serving as vice chairman and corporate secretary. The board also includes Caroline D. Chapin, Kenneth R. Chappell, Craig French, Thomas N. Griffin, James L. Weisenstein and Krista Snelling, who is the president and CEO of the bank.
“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,” Snelling said. “There are no changes to the operations of Santa Cruz County Bank or its employees.”
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