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EXHIBIT 99.2
Placer Sierra Bank Press Release Announcing Merger of Sacramento Commercial Bank
with and into Placer Sierra Bank.
PRESS RELEASE
For Immediate Release
January 18, 2001
Placer Sierra Bank Announces Strategic Partnership with Sacramento
Commercial Bank
SACRAMENTO, CALIFORNIA - Placer Sierra Bank ("PSB") and Sacramento
Commercial Bank ("SCB") announced today that they have approved an Agreement to
further consolidate the two banks. Upon completion of the transaction, SCB will
become a division of PSB. While many administrative functions will be housed at
its Campus in Auburn, PSB's headquarters address for regulatory purposes will be
501 "J" Street.
The merger agreement was approved by the Boards of Directors and the sole
shareholder of both banks and is pending approval by appropriate regulatory
agencies. The transaction is expected to close by the end of March of this year.
Bob Haydon, President and Chief Executive Officer of PSB said, "This will be
a great marriage as it blends the highly respected commercial banking
expertise of SCB with the rich heritage of retail banking of PSB." He added,
"PSB customers will also benefit from SCB's long history of quality SBA and
commercial lending."
Daryl Foreman, President and Chief Executive Officer of SCB said, "Both banks
have the same operating philosophy of personalized customer service and
community involvement." He added, "SCB customers will benefit from more
locations, an ATM network, and the benefits of Placer Sierra's `Real People -
Real Service - Real Difference' service philosophy."
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Both banks will be able to offer customers more products and services including
technology enhancements such as Internet banking, intelligent cash management,
statement imaging and a twenty-nine (29) branch network (including 31 ATM
locations) to better serve its clients and their employees. The combined bank
will have a larger loan capacity along with continued local and timely decision
making.
Haydon will be the Regional President for the PSB markets, responsible for
commercial, retail, and corporate sales and service. Foreman will become the
President and Chief Executive Officer, responsible for operations. The PSB and
SCB executive management teams have been integrated since last year and will
continue in the same roles.
Both banks are subsidiaries of California Community Bancshares, Inc., a
multibank holding company with assets in excess of $1.2 billion. This merger
brings the total number of branches for PSB to twenty-nine (29) with locations
throughout six counties. PSB has plans to open an additional full service branch
in Cameron Park later this year and is breaking ground for a new office in
Granite Bay this month. Combined assets of the two institutions will be
approximately $900 million, making PSB the largest Sacramento headquartered
bank.
For additional information, contact:
Bob Haydon or Daryl Foreman
President & CEO President & CEO
Placer Sierra Bank Sacramento Commercial Bank
(530) 823-7777 (916) 554-4701
