West Coast Community Bancorp, the parent company for Santa Cruz County Bank, and 1st Capital Bancorp, the parent company for 1st Capital Bank, completed their previously announced merger. On Oct. 1, 2024, 1st Capital Bancorp merged with and into West Coast Community Bancorp and 1st Capital Bank merged with and into Santa Cruz County Bank.
Banking offices for 1st Capital Bank will operate as “a division of Santa Cruz County Bank” until the launch of a new bank name in Q2/25. All branches of the combined bank will be rebranded as West Coast Community Bank. The new brand reflects the bank’s commitment to serving a larger territory while maintaining its community bank focus and personalized service delivery.
Kurt J. Gollnick and Daniel R. Hightower, former chairman and vice chairman of 1st Capital Bancorp and 1st Capital Bank, respectively, have joined the boards of West Coast and Santa Cruz. Gollnick will serve as vice chairman of both boards.
“We are thrilled to announce the completion of this merger, which brings together two community banks that have shared a similar business model and success in serving their communities on every level, from volunteerism to commercial lending,” Stephen Pahl, chairman of West Coast and Santa Cruz, said. “We welcome two longstanding and founding directors of 1st Capital Bank to our boards, each of whom brings extensive knowledge and a wealth of community banking experience. We look forward to serving an expanded geographic region with our expanded team.”
“The successful merger of our two institutions positions us as one of the largest community banks on the Central Coast,” Krista Snelling, president and CEO of West Coast and Santa Cruz, said. “Our greater overall scale and lending capacity will allow for larger business relationships and continued investment in the most advanced technology and products. We remain committed to maintaining our exceptional client service standards and community focus that have been hallmarks of the success achieved by both community banks.”
At the effective time of the closing, each share of 1st Capital Bancorp common stock was converted into the right to receive 0.36 shares of common stock of West Coast. The resulting company, with total assets of approximately $2.8 billion, expect to complete a systems conversion in mid-December.
