Merger Information Resource Page

The merger process will follow regulatory approvals and is currently anticipated to close in the fourth quarter of this year.

The following are key milestones:

1. Filing of Proxy/Prospectus, with all the details of the merger
2. Shareholder Approval, by both stockholder groups (SCZC, FISB)
3. Regulatory Approval
4. Close of Merger, anticipated in Q4, 2024

As these dates become more certain, we will update you.

What is happening?

1st Capital Bancorp and West Coast Community Bancorp, our holding companies, have announced that 1st Capital Bank is merging into Santa Cruz County Bank ("SCCB"), a strategic move to enhance our capabilities and better serve our community. Both community banks have a combined history of nearly 40 years serving their communities with delivery of personalized, relationship-style banking which has set us both apart from other banks in the marketplace. This merger is subject to receipt of necessary regulatory and shareholder approval. Click here to read the Merger Announcement.

Why 1st Capital Bank?

We believe the merger to be compelling from a strategic, financial, geographic and cultural perspective. The merged bank will be the premier bank on the Central Coast with nearly $2.7 billion in assets. We believe this is an excellent combination given our similar culture, clients and operations. We both started with the same community values, by founders with common community and banking experience. This union is positive for shareholders, employees and the communities we serve. We've prepared a Fact Sheet about 1st Capital Bank for your reference.

How is the merger structured?

The merger is structured as a tax-free stock exchange (100% stock), meaning that 1st Capital Bancorp (FISB) shareholders will receive 0.36 shares of West Coast Community Bancorp (SCZC) stock for each FISB share they own once the merger is officially finalized.

Is the merger completed now?

No. While both sides have done significant due diligence and have executed a Definitive Agreement to merge, the merger still needs regulatory approval and approval from the shareholders of both banks. We anticipate the approvals by shareholders and regulators, defined as the "merger closing" to occur in the fourth quarter of this year. As soon as we have information to share regarding the timing of the conversion, we will share it with everyone. For now, we will continue to operate as we always have, business as usual.

When will the merger be finalized?

The merger process will follow regulatory approvals and is currently anticipated to close in the fourth quarter of this year.
The following are key milestones:

1. Filing of Proxy/Prospectus, with all the details of the merger
2. Shareholder Approval, by both stockholder groups (SCZC, FISB)
3. Regulatory Approval
4. Close of Merger, anticipated in Q4, 2024

As these dates become more certain, we will update you.

Who will be running the combined Bank?

Krista Snelling, the current President and CEO of Santa Cruz County Bank will remain the President and CEO of the combined Bank and holding company, West Coast Community Bancorp.

Will any 1st Capital Bank Board members have roles in the combined Bank?

Yes. At closing, current Chairman and Vice Chairman of 1st Capital Bancorp, Kurt J. Gollnick and Daniel R. Hightower, MD, respectively, will join the Boards of Directors of West Coast Community Bancorp and Santa Cruz County Bank. Kurt J. Gollnick will join as Vice Chairman.

How will this affect Santa Cruz County Bank clients?

There will be no change to banking relationships or accounts for Santa Cruz County Bank clients. Once the merger is completed, there will be numerous enhancements including the expanded ability to serve our clients across a broader market area with greater capacity as well as the addition of a full-service branch in King City and San Luis Obispo. This merger will create the preeminent community bank on the Central Coast. Our goal is to leverage the strength of both banks, enhance our product offerings, technological capabilities and overall competitiveness.

How can I stay informed throughout the merger process?

We will provide regular updates on this page for the latest information and resources related to the merger.

I have deposit accounts at Santa Cruz County Bank and 1st Capital Bank. What happens to my FDIC insurance when these two banks merge?

When the merger closes*, and the deposit accounts at 1st Capital Bank are acquired by Santa Cruz County Bank, the 1st Capital Bank deposits will be separately insured from any accounts a depositor may already have at Santa Cruz County Bank for an initial period of six months. This grace period is intended to give depositors an opportunity to restructure their accounts if the merger causes a depositor to have funds in excess of the insurance limits at Santa Cruz County Bank. If a depositor has funds at only Santa Cruz County Bank or 1st Capital Bank, this grace period will not apply, as the depositor's insurance coverage will be unaffected by the merger.

For more information about FDIC coverage, visit fdic.gov.

*The merger estimated closing date is in the fourth quarter of 2024.

The following question and answers will help depositors understand their insurance coverage following the merger. Additional resources are available at fdic.gov.

Q. I have deposit accounts at Santa Cruz County Bank and 1st Capital Bank. What happens to my FDIC Insurance when the two banks merge?

When the merger closes*, and the deposit accounts at 1st Capital Bank are acquired by Santa Cruz County Bank, the 1st Capital Bank deposits will be separately insured from any accounts a depositor may already have at Santa Cruz County Bank for an initial period of six months. This grace period is intended to give depositors an opportunity to restructure their accounts if the merger causes a depositor to have funds in excess of the insurance limits at Santa Cruz County Bank. If a depositor has funds at only Santa Cruz County Bank or 1st Capital Bank, this grace period will not apply, as the depositor's insurance coverage will be unaffected by the merger.

*The merger estimated closing date is in the fourth quarter of 2024.

Q. I have a CD at 1st Capital Bank, how will the merger affect my FDIC Insurance?

The CDs that will be acquired by Santa Cruz County Bank will be separately insured from pre-existing deposit accounts at Santa Cruz County Bank, subject to the following rules:

1. Time deposits that mature after the initial six-month grace period remain separately insured until they mature.
2. Time deposits that mature during the initial six-month grace period and are renewed for the same time period and the same dollar amount as the original deposit (with or without accrued interest added to the principal amount), will continue to be separately insured until the first maturity date after the expiration of the six-month period.
3. Time deposits that mature during the initial six-month grace period and are renewed for a different dollar amount or a different time period (even if Santa Cruz County Bank does not offer CDs for the original time period), or time deposits that mature within the first six months and are not renewed and thereby become regular savings or demand deposits, are separately insured only until the end of the six-month period.

Q. Once the six-month grace period has expired, I will have more than $250,000.00 on deposit and want it all to be FDIC insured, what are my options?

The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. Deposits held in different ownership categories are separately insured up to at least the $250,000 each. Designating beneficiaries can also increase coverage. For example, a revocable trust account including POD accounts.