SAN DIEGO, July 2 /PRNewswire/ -- The acquisition of Bank of Commerce
(Nasdaq: BCOM) by Minnesota based U.S. Bancorp (NYSE: USB), received approval
from the Office of Comptroller of Currency (OCC) on June 30, 1999. There is a
15-day Justice Department waiting period once this approval is obtained. The
closing, therefore, is expected to occur on or about July 15, 1999.
Bank of Commerce received the required shareholder approval at its
shareholders' meeting on June 15, 1999.
Bank of Commerce, one of the nation's largest Small Business Association
(SBA) lenders and the largest SBA lender in California in dollars loaned,
signed a definitive agreement on February 18, 1999, to be acquired by U.S.
Bancorp. A copy of the Agreement and Plan of Reorganization between U.S.
Bancorp and Bank of Commerce is filed with both the Federal Reserve Bank and
the NASDAQ under cover of a Form 8-K.
Bank of Commerce presently operates 23 loan production offices in
California, Arizona, Nevada, Idaho, Washington, Oregon, Colorado, Texas,
Illinois, New Mexico, Utah, and Georgia. In addition, Bank of Commerce
operates 10 full service branches in Southern California.
SOURCE Bank of Commerce
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CONTACT:
Peter Q. Davis, Chairman, President & CEO, or
Margaret Kuhn, First Vice President/Investor Relations, both of
Bank of Commerce, 619-232-2096
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