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EXHIBIT 99.1
Sacramento Commercial Bank Press Release Announcing Merger of Sacramento
Commercial Bank with and into Placer Sierra Bank.
PRESS RELEASE
For Immediate Release:
January 18, 2001
SACRAMENTO COMMERCIAL BANK ANNOUNCES STRATEGIC PARTNERSHIP WITH PLACER SIERRA
BANK
SACRAMENTO, CALIFORNIA --- Sacramento Commercial Bank ("SCB") and Placer Sierra
Bank ("PSB") announced today that they have approved an Agreement to further
consolidate the two banks. Upon completion of the transaction, the downtown
office of SCB will become a division of PSB. PSB's headquarters address will be
at 501 "J" Street, Sacramento, with many administrative functions continuing to
be housed at its Campus in Auburn.
The merger agreement was approved by the Boards of Directors and the sole
shareholder of both banks and is pending the approval by appropriate regulatory
agencies. The transaction is expected to close by the end of March of this year.
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, "Customers will benefit from more locations
and added services with the same friendly staffs to serve them."
SCB 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.
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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 lending, which includes
`Preferred Lender Status'."
Foreman will become the President and Chief Executive Officer of the combined
bank and Haydon will be the Regional President for all PSB locations. Executive
Vice Presidents Bob Muttera and Jim Sundquist will continue in their roles as
Chief Credit Officer and Chief Financial Officer, respectively.
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 (6) counties. PSB has plans to open an additional full service
branch in Cameron Park later this year. Combined assets of the two institutions
will be approximately $900 million, making PSB the largest locally headquartered
bank.
For additional information, contact: Daryl B. Foreman
President & Chief Executive Officer
Sacramento Commercial Bank
(916) 554-4701
