Suncrest Bank (OTCQX: SBKK) (“Suncrest”) today announced that it has completed its merger with CBBC (“Community Business Bank”). In addition, Suncrest Bank also announced that it has completed a private placement of $25.0 million of the bank’s common stock. Both the merger and the private placement were completed per the terms first announced on November 7, 2017.
“We are delighted to have completed our third deal in under three years and are excited about the opportunities to grow our business in the Greater Sacramento and Lodi market,” said Ciaran McMullan, President and CEO of Suncrest Bank. “We are on schedule to complete the back office and core systems integration by the end of June,” added McMullan.
MJC Partners, LLC(1) served as the sole placement agent for the offering by Suncrest Bank.
Forward Looking Statements
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, that the all requirements to consummate the merger will be met or if the merger is consummated, that it will be completed during the second quarter of 2018. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.