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Local Bank Approves Merger
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.
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Local Bank Approves Merger
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.
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Ever since there was that rash of bank mergers about twenty years ago (the one that had San Diego Trust and Savings Bank taken over by First Interstate Bank which soon succumbed to a takeover by Wells Fargo) I've watched these small "community" banks start up and then disappear into mergers with banks which then disappear into mergers and then often just disappear.
What is it with that industry that makes these startups so unstable and likely to fail or get swallowed up? I'd think the public would be oh-so-happy to get away from the big guys, such as Wells, B of A, and US Bank.