First Choice Bancorp Receives FDIC Approval of Proposed Merger – Awaits California Department of Business Oversight Ruling
First Choice Bancorp founded in 2005, has quickly become a leading provider of financial services that enable their customers to grow, maintain strength, and achieve their business objectives. They strive to surpass their clients’ expectations through their efficiency and professionalism and are committed to being “First in Speed, Service, and Solutions.” First Choice Bancorp stock is traded on the Nasdaq Capital Market under the ticker symbol “FCBP”.
Cerritos, CA-based First Choice Bancorp (“First Choice” or the “Company”), the holding company of First Choice Bank (the “Bank”), and Pacific Commerce Bancorp ( PCBC), the holding company for Pacific Commerce Bank, previously announced the proposed merger of Pacific Commerce Bancorp with and into First Choice Bancorp (the “Merger”) on February 26, 2018, before the market opened. Pacific Commerce Bancorp is the parent company for Pacific Commerce Bank. Pacific Commerce Bank operates six full-service branches in Los Angeles and San Diego Counties, including its wholly owned division, ProAmérica Bank, in Downtown Los Angeles. Pacific Commerce Bank provides a complete array of deposit, treasury, cash management and loan banking solutions to small businesses, professionals and high net worth individuals from Los Angeles to the Mexico border. As a Preferred SBA Lender, Pacific Commerce Bank provides a full complement of lending solutions to small businesses throughout Southern California.
On May 10, 2018, First Choice announced that it was advised by the Federal Deposit Insurance Corporation (the “FDIC”) that the Merger was approved, subject to the completion of certain conditions in the approval order. In addition, the Board of Governors of the Federal Reserve System (the “Board”) has advised First Choice that, subject to FDIC approval, the Board has waived the requirement for a separate application.
The approval of the Merger from the California Department of Business Oversight is pending.
FCBP expects this acquisition to be immediately accretive to earnings per share. FCBP management believes that this was a transformative step that will push them up to approximately $1.5 billion in total assets on a pro forma basis.
Robert M. Franko, the President, and CEO of First Choice will be meeting with investors at Piper Jaffray’s Financial Service Conference from May 14, 2018, to May 16, 2018, in Palm Beach, Florida to discuss Company’s historical performance and the pending merger with Pacific Commerce Bancorp.
Vista Partners has added Cerritos, CA-based First Choice Bancorp (Nasdaq: FCBP) to the “Investor Picks” Coverage section. The Investor Picks section is where we have begun to selectively add those companies/ideas that we are receiving from investors across the world & across all sectors that also meet our expectations post our due diligence review process.
Here are a few highlights to get you started understanding First Choice Bancorp (Nasdaq: FCBP):
- Founded in 2005, First Choice Bank is a community-focused financial institution, serving diverse consumers and commercial clients and specializing in loans to small businesses, private banking clients, commercial and industrial loans, and commercial real estate loans with a niche in providing finance for the hospitality industry.
- The Bank is also a Preferred Small Business Administration (SBA) Lender.
- Since recently uplisting to the Nasdaq at the end of April 2018, the company’s shares have been drifting upward and are currently trading at $29.25/share.
- FCBP now is believed to exceed the minimum qualifications in order to be considered to be added to the Russell 2000 Index which was to be determined on May 11, 2018. In 2017, the minimum market cap cutoff requirement was $144M and is likely to rise to +$160M range in 2018. Currently, FCBP’s market cap was $212.126M. If a company is added then the associated index funds will need to begin acquiring the shares of those companies.
- FCBP recently declared a second-quarter 2018 cash dividend of $0.20 per common share, payable on May 29, 2018, to shareholders of record on May 18, 2018, and which represents ~+3% annual dividend currently.
To learn more about First Choice Bancorp (Nasdaq: FCBP) and to track its ongoing progress, please bookmark and visit the Vista Partners First Choice Bancorp (Nasdaq: FCBP) Company dedicated page.