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Seacoast Commerce Banc Holdings Announces Completion of Acquisition of Capital Bank

SAN DIEGO, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Seacoast Commerce Banc Holdings (OTC Pink:SCBH) (“Company”), the holding company of Seacoast Commerce Bank (“Bank”), announced today that it has completed the acquisition of Capital Bank (OTC Pink:CBJC) (“Capital”) effective October 1, 2017.

Richard M. Sanborn, President & Chief Executive Officer of Seacoast Commerce Banc Holdings, commented, “We are very excited to have completed this merger, bringing our two highly successful banks together. Seacoast’s specialty SBA and deposit generation operations, combined with Capital’s specialty and traditional banking operations, make for a very powerful combined institution, which we know will provide tremendous opportunities for our combined clients and shareholders alike.”

With the addition of Capital Bank, on a pro forma combined basis, Seacoast Commerce Banc Holdings will have total assets of approximately $895 million, total loans outstanding of approximately $725 million, total deposits of approximately $780 million, and total shareholders equity of approximately $74 million, as of June 30, 2017 (unaudited and excluding purchase accounting adjustments).

The Company was advised by the investment banking firm of the Hovde Group, and the law firm of Sheppard Mullin Richter & Hampton LLP. Capital was advised by the investment banking firm of D.A. Davidson & Co., and the law firm of King Holmes Paterno & Soriano, LLP.

Seacoast Commerce Banc Holdings is a bank holding company with one wholly-owned banking subsidiary, Seacoast Commerce Bank. Both the Company and the Bank are headquartered in San Diego, California, with the Bank having four full-service banking branches in Encinitas, National City, San Diego, and San Juan Capistrano, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Las Vegas and Reno, Nevada; Austin, Dallas, and Houston, Texas; and Bellevue, Washington. For more information on Seacoast Commerce Banc Holdings, please visit www.scbholdings.com; to learn more about Seacoast Commerce Bank, visit www.sccombank.com, or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001, or rsanborn@scbholdings.com.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank’s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such “forward-looking” statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance and regulatory matters. The Company specifically disclaims any obligation to update any factors or to publically announce the results of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Contact:
Richard M. Sanborn
President & Chief Executive Officer
Phone: 858-432-7001
Email: rsanborn@scbholdings.com

Source:Seacoast Commerce Banc Holdings