Garrett Harris 10:11 p.m., May 23
Shareholders of the privately-held Embarcadero Bank have approved a merger with Coronado First Bank. Holders of approximately 85% of the bank’s common stock voted in favor of the merger, as announced in a press release yesterday.
"Simply put, the merger is a win win. Coronado First Bank, Embarcadero Bank, and our entire community will all benefit from this merger," said Jerry Suppa, Chairman of the Board at Embarcadero since its inception in 2006.
Coronado First describes itself as “the only locally headquartered and managed community bank in Coronado,” with one location in Coronado and a second in San Diego. Embarcadero, funded by “initial capitalization in excess of $21,000,000,” has one Downtown location.
Originally announced in March 2011, the merger must still be approved by Coronado First shareholders, the California Department of Financial Institutions, and the Federal Deposit Insurance Corporation. The deal is expected to be completed later this year.