Directors | Officers | News | Investor Relations | Financial Reports Ojai Community Bank to Acquire Two Santa Paula Branches
Ojai, California, July 11, 2008 -- Ojai Community Bank announced today that it has signed a definitive agreement with Pacific Capital Bancorp, parent company of the Santa Barbara Bank & Trust brand, to purchase two retail branches located in Santa Paula. The offices are located at 948 E. Main Street and 537 W. Harvard Blvd.
Following the approval of regulators and the shareholders of Ojai Community Bank, the transaction is expected to close in the fourth quarter 2008. Terms of the agreement were not disclosed.
"We are very pleased at this opportunity to expand our presence into the Santa Paula community, which perfectly aligns with our growth strategy of creating very small, local banks tied closely to their communities," said Donald Scanlin, Chairman of the Board of Ojai Community Bank. "Since we opened in 2005, we have demonstrated our ability as a local leader in community banking, and we are ready to expand that successful business model into the Santa Paula market. Our bank is a dedicated community partner with a demonstrated commitment to assisting local economic development and a wide range of nonprofit and civic organizations. We are looking forward to making that same contribution in Santa Paula."
"We plan to operate both branches under the name Ojai Community Bank" said Shari Skinner, Ojai Community Bank President & CEO. "Customers of both offices will continue to be served by the same employees who will join our team at the time the transaction is final. We will provide the full range of consumers and small businesses with the very personal customer service that has defined Ojai Community Bank. We are very excited about this opportunity and believe that it is a very positive move, both for our bank and for our new friends and neighbors in Santa Paula."
Ojai Community Bank is a full service, member FDIC, state chartered bank, located at 402 W. Ojai Avenue, Ojai, California, (805) 646-9909, www.ojaicommunitybank.com.