First California Confirms Engagement of Investment Banker and Legal Counsel to Assist in Strategic Review Process
02 8월 2012 - 5:00AM
Marketwired
First California Financial Group, Inc. (NASDAQ: FCAL), the holding
company of First California Bank, today confirmed that First
California's board of directors has engaged Keefe, Bruyette &
Woods, Inc. as its financial advisor and Skadden, Arps, Slate,
Meagher & Flom LLP as its legal advisor to assist in a
strategic review process, including an analysis and assessment of
the company's existing business and strategic plan, and exploring
other strategic alternatives, including the possible merger or
business combination of the company with a third party.
Robert E. Gipson, chairman of the board of First California,
said, "Over the last year, management has enhanced the value of the
company by executing on its strategic plan, focusing on organic
growth and successfully undertaking opportunistic acquisitions. We
believe these efforts have been positively reflected in our strong
financial performance throughout 2011, as well as throughout the
first half of 2012. The board remains fully committed to taking all
appropriate and necessary actions to enhance the bank's value. Our
board and management team are open minded and intend to evaluate a
variety of options thoughtfully and carefully."
Over the last two quarters, First California increased loans by
11 percent and grew deposits by 10 percent. Fee income, net
interest income and deposits all grew by double digits in the 2012
second quarter over the prior year period. Core earnings for the
2012 second quarter also continued to show significant improvement,
advancing 33 percent over the comparable prior year's quarter and
increasing 32 percent from the preceding first quarter of this
year. Further, the company has increased shareholder value, with
tangible book value per share growing 15 percent in 2011 and 8
percent year to date.
C. G. Kum, president and chief executive officer of First
California, said, "While this process is ongoing, we will continue
to operate in the ordinary course of business, and management will
remain focused on successfully executing the company's strategic
plan, continuing to drive the positive momentum we have been
achieving. Our strong performance record in this challenging
economy reflects our world-class team of employees and their
dedication to our loyal customers, to whom we will continue to
provide the highest level of service. As always, we remain
steadfast in elevating the value of the First California franchise
for our customers, employees and shareholders."
There can be no assurance concerning the type, form, structure,
nature, results, timing or terms and conditions of any transaction
that may result from this process. Further, the evaluation of
strategic alternatives will not necessarily result in any changes
to the company's current strategic plan or any transaction or
agreement. First California does not intend to disclose
developments regarding the process unless and until the board of
directors has approved a definitive course of action.
About First California
First California Financial Group, Inc. is the holding company of
First California Bank. Founded in 1979 and with nearly $2 billion
in assets, First California serves the comprehensive financial
needs of small- and middle-sized businesses and high net worth
individuals throughout Southern California. Led by an experienced
team of bankers, First California is committed to providing the
best client service available in its markets, offering a full line
of quality commercial banking products through 15 full-service
branch offices in Los Angeles, Orange, Riverside, San Bernardino,
San Diego, San Luis Obispo and Ventura counties. The holding
company's website can be accessed at www.fcalgroup.com. For
additional information on First California Bank's products and
services, visit www.fcbank.com.
Forward-Looking Information
This press release contains certain forward-looking information
about First California that is intended to be covered by the safe
harbor for "forward-looking statements" provided by the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical fact are forward-looking statements, and
include statements related to the level of business volumes, the
monitoring of and management of risks in First California's loan
portfolio, the adequacy of sources of liquidity to support First
California's operations and strategic plans, the monitoring of and
response to changing market conditions, and the status of the
economy in the Southern California communities served by First
California. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of First California. First California
cautions readers that a number of important factors could cause
actual results to differ materially from those expressed in, or
implied or projected by, such forward-looking statements. Risks and
uncertainties include, but are not limited to, the outcome or
structure of the strategic review process, the costs associated
with pursuing the strategic review process, management's attention
to the strategic review process, revenues are lower than expected,
credit quality deterioration which could cause an increase in the
provision for credit losses, First California's ability to complete
future acquisitions, successfully integrate such acquired entities,
or achieve expected beneficial synergies and/or operating
efficiencies within expected time-frames or at all, changes in
consumer spending, borrowing and savings habits, technological
changes, the cost of additional capital is more than expected, a
change in the interest rate environment reduces interest margins,
asset/liability repricing risks and liquidity risks, general
economic conditions, particularly those affecting real estate
values, either nationally or in the market areas in which First
California does or anticipates doing business are less favorable
than expected, a slowdown in construction activity, recent
volatility in the credit or equity markets and its effect on the
general economy, loan delinquency rates, the ability of First
California to retain customers, changes in the bank regulatory
environment, demographic changes, demand for the products or
services of First California as well as their ability to attract
and retain qualified people, competition with other banks and
financial institutions, First California's level of small business
lending, and other factors. If any of these risks or uncertainties
materializes or if any of the assumptions underlying such
forward-looking statements proves to be incorrect, First
California's results could differ materially from those expressed
in, or implied or projected by such forward-looking statements.
First California assumes no obligation to update such
forward-looking statements. For a more complete discussion of risks
and uncertainties, investors and security holders are urged to read
the section titled "Risk Factors" in First California's Annual
Report on Form 10-K and any other reports filed by it with the
Securities and Exchange Commission ("SEC"). The documents filed by
First California with the SEC may be obtained at the SEC's website
at www.sec.gov. These documents may also be obtained free of charge
from First California by directing a request to: First California
Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake
Village, CA 91361. Attention: Investor Relations. Telephone (805)
322-9655.
For further Information: At the Company: Ron Santarosa
805-322-9333 At PondelWilkinson: Roger Pondel 310-279-5980
Corporate Headquarters Address: 3027 Townsgate Road, Suite 300
Westlake Village, CA 91361
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