EX-99.1
2
a06-11879_1ex99d1.htm
EX-99
Exhibit
99.1
PRESS RELEASE
First Community Bancorp
(NASDAQ: FCBP)
Contact:
Matthew P. Wagner
President and Chief Executive
Officer
120 Wilshire Boulevard
Santa Monica, CA 90401
Victor R. Santoro
Executive Vice President and
Chief Financial Officer
120 Wilshire Boulevard
Santa Monica, CA 90401
Phone:
310-458-1521 x 271
310-458-1521 x 288
Fax:
310-451-4555
310-451- 4555
FOR
IMMEDIATE RELEASE
May
10, 2006
FIRST
COMMUNITY BANCORP ANNOUNCES COMPLETION OF THE ACQUISITION OF FOOTHILL
INDEPENDENT BANCORP
- Acquisition adds 12
branches and approximately $750 million in assets -
- Foothill Independent
Bank merged into Pacific Western National Bank -
Rancho Santa Fe, California ... First Community
Bancorp (Nasdaq: FCBP) today announced that on May 9, 2006
it completed its previously announced
acquisition of Foothill Independent Bancorp and its subsidiary Foothill
Independent Bank, with approximately $750 million in assets at March 31, 2006.
With the completion of this acquisition, Foothill Independent Bank merged into
Pacific Western National Bank, a wholly-owned subsidiary of First Community
Bancorp, adding eleven branches to the Pacific Western branch network. Upon the
closing of the merger, Foothill Bank's additional branch, located in Temecula,
California, was sold by Pacific Western to First National Bank, a wholly-owned
subsidiary of First Community headquartered in San Diego, California. The
integration of Foothill Bank's systems and the conversion of Foothill Bank's
branches to Pacific Western's operating platform are scheduled to be completed
in June 2006. The integration of the Temecula branch's systems with First
National's platform is scheduled to be completed by the end of May 2006.
In the merger, each share of
Foothill common stock was converted into the right to receive 0.4523 of a share
of First Community common stock. First Community will issue an aggregate of
approximately 3,947,433 shares of First Community common stock to Foothill
stockholders. Approximately $10.2 million in cash was delivered to
holders of outstanding and
unexercised Foothill options. Based on
the closing price of First Community's common stock on May 9, 2006 of $59.23 per
share, the aggregate consideration to be paid to Foothill stockholders and
holders of options to acquire Foothill common stock is approximately $244.0
million.
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As
previously announced, Mr. George Langley, formerly President and Chief
Executive Officer of Foothill Independent Bancorp, has joined First Community's
Board of Directors, effective May 9, 2006. Additionally, Mr. Casey (Joe)
Cecala, III, formerly Executive Vice President and Chief Credit Officer of
Foothill Independent Bancorp, has joined Pacific Western as the President of
its Inland Empire Region. Mr. Cecala reports to Matt Wagner, Chairman and Chief
Executive Officer of Pacific Western, and President and Chief Executive Officer
of First Community Bancorp. Mr. Cecala will also join Pacific Western's Board
of Directors.
As of March 31, 2006, on a pro forma consolidated
basis with Foothill Independent Bancorp, First Community would have had
approximately $4.4 billion in assets with 59 branches across Southern
California and 1 branch in San Francisco, California. Pacific Western would
have had on a pro forma basis approximately $3.3 billion in assets and 46
branches, and First National Bank had approximately $1.1 billion in assets and
14 branches.
ABOUT FIRST COMMUNITY
BANCORP
First Community Bancorp is a
bank holding company with $3.7 billion in assets as of March 31, 2006, with two
wholly-owned banking subsidiaries, Pacific Western National Bank and First
National Bank. Through the banks' 60 full-service community banking branches
(which includes branches acquired through the Foothill Independent Bancorp
acquisition subsequent to March 31, 2006), First Community provides commercial
banking services, including real estate, construction and commercial loans, to
small and medium-sized businesses. Pacific Western has 45 branches throughout
Los Angeles, Orange, Riverside and San Bernardino Counties, and 1 branch in San
Francisco and First National Bank has 14 branches in San Diego and Riverside
Counties. Through its subsidiary First Community Financial, First National
provides working capital financing to growing companies located throughout the
Southwest, primarily in the states of Arizona, California and Texas. Additional
information regarding First Community Bancorp is available on the Internet at
www.firstcommunitybancorp.com. Information regarding Pacific Western National
Bank and First National Bank is also available on the Internet at
www.pacificwesternbank.com and www.banksandiego.com, respectively.
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EX - 99 . 1 2 a06 - 11879 _ 1ex99d1 . htm EX - 99 Exhibit 99 . 1 PRESS RELEASE First Community Bancorp ( NASDAQ : FCBP ) Contact : Matthew P . Wagner President and Chief Executive Officer 120 Wilshire Boulevard Santa Monica , CA 90401 Victor R . Santoro Executive Vice President and Chief Financial Officer 120 Wilshire Boulevard Santa Monica , CA 90401 Phone : 310 - 458 - 1521 x 271 310 - 458 - 1521 x 288 Fax : 310 - 451 - 4555 310 - 451 - 4555 FOR IMMEDIATE RELEASE May 10 , 2006 FIRST COMMUNITY BANCORP ANNOUNCES COMPLETION OF THE ACQUISITION OF FOOTHILL INDEPENDENT BANCORP - Acquisition adds 12 branches and approximately $ 750 million in assets - - Foothill Independent Bank merged into Pacific Western National Bank - Rancho Santa Fe , California ... First Community Bancorp ( Nasdaq : FCBP ) today announced that on May 9 , 2006 it completed its previously announced acquisition of Foothill Independent Bancorp and its subsidiary Foothill Independent Bank , with approximately $ 750 million in assets at March 31 , 2006 . With the completion of this acquisition , Foothill Independent Bank merged into Pacific Western National Bank , a wholly - owned subsidiary of First Community Bancorp , adding eleven branches to the Pacific Western branch network . Upon the closing of the merger , Foothill Bank 's additional branch , located in Temecula , California , was sold by Pacific Western to First National Bank , a wholly - owned subsidiary of First Community headquartered in San Diego , California . The integration of Foothill Bank 's systems and the conversion of Foothill Bank 's branches to Pacific Western 's operating platform are scheduled to be completed in June 2006 . The integration of the Temecula branch 's systems with First National 's platform is scheduled to be completed by the end of May 2006 . In the merger , each share of Foothill common stock was converted into the right to receive 0 . 4523 of a share of First Community common stock . First Community will issue an aggregate of approximately 3,947,433 shares of First Community common stock to Foothill stockholders . Approximately $ 10.2 million in cash was delivered to holders of outstanding and unexercised Foothill options . Based on the closing price of First Community 's common stock on May 9 , 2006 of $ 59.23 per share , the aggregate consideration to be paid to Foothill stockholders and holders of options to acquire Foothill common stock is approximately $ 244.0 million . 1 As previously announced , Mr . George Langley , formerly President and Chief Executive Officer of Foothill Independent Bancorp , has joined First Community 's Board of Directors , effective May 9 , 2006 . Additionally , Mr . Casey ( Joe ) Cecala , III , formerly Executive Vice President and Chief Credit Officer of Foothill Independent Bancorp , has joined Pacific Western as the President of its Inland Empire Region . Mr . Cecala reports to Matt Wagner , Chairman and Chief Executive Officer of Pacific Western , and President and Chief Executive Officer of First Community Bancorp . Mr . Cecala will also join Pacific Western 's Board of Directors . As of March 31 , 2006 , on a pro forma consolidated basis with Foothill Independent Bancorp , First Community would have had approximately $ 4.4 billion in assets with 59 branches across Southern California and 1 branch in San Francisco , California . Pacific Western would have had on a pro forma basis approximately $ 3.3 billion in assets and 46 branches , and First National Bank had approximately $ 1.1 billion in assets and 14 branches . ABOUT FIRST COMMUNITY BANCORP First Community Bancorp is a bank holding company with $ 3.7 billion in assets as of March 31 , 2006 , with two wholly - owned banking subsidiaries , Pacific Western National Bank and First National Bank . Through the banks ' 60 full - service community banking branches ( which includes branches acquired through the Foothill Independent Bancorp acquisition subsequent to March 31 , 2006 ) , First Community provides commercial banking services , including real estate , construction and commercial loans , to small and medium - sized businesses . Pacific Western has 45 branches throughout Los Angeles , Orange , Riverside and San Bernardino Counties , and 1 branch in San Francisco and First National Bank has 14 branches in San Diego and Riverside Counties . Through its subsidiary First Community Financial , First National provides working capital financing to growing companies located throughout the Southwest , primarily in the states of Arizona , California and Texas . Additional information regarding First Community Bancorp is available on the Internet at www.firstcommunitybancorp.com . Information regarding Pacific Western National Bank and First National Bank is also available on the Internet at www.pacificwesternbank.com and www.banksandiego.com , respectively . 2