First Choice Bancorp Receives FDIC Approval of Proposed Merger & Is Added to Russell 3000 & Russell 2000 Indexes
First Choice Bancorp (NasdaqCM: FCBP), the holding company of First Choice Bank (the “Bank”), and Pacific Commerce Bancorp (OTC Pink: 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.
On May 10, 2018, First Choice 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.
First Choice it was recently added to the Russell 3000® Index and the Russell 2000® Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes after closing on June 22, 2018. The Russell indexes are widely used by investment managers and institutional investors for both index funds and as benchmarks for passive and active investment strategies. In the U.S. marketplace, almost all of the U.S. equity assets are benchmarked by the Russell 3000, representing more than $8.5 trillion. The Company will hold its membership until FTSE Russell reconstitutes its indexes in June 2019. Membership in the Russell indexes remains in place for one year and automatically provides inclusion in the appropriate Russell growth and value style indexes. FTSE Russell determines membership for these indexes primarily by objective, market-capitalization rankings. The annual reconstitution of the Russell 3000 captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 and the next 2,000 companies become the Russell 2000. The Russell 2000 also serves as the U.S. component to the Russell Global Index, which Russell launched in 2007. The new membership list for the Russell Indexes is available at https://www.ftserussell.com/index-series/index-resources/russell-reconstitution.
Robert Franko, President, and CEO of First Choice stated, “Being added to the Russell indexes is a milestone for First Choice, and we are happy to have earned this distinction. Inclusion in these market benchmarks is expected to raise our profile with institutional investors and support trading of our shares.”
Peter Hui, the Chairman of First Choice, stated, “We set ourselves on a path last year to achieve this honor. Our Board and all of our colleagues have worked very diligently to get to this position. From our founding in 2005 until today, we have always strived to do what is best for our shareholders, our clients and our employees.”
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