SAN DIEGO, Sept. 18 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM)
announced today that its Board of Directors has declared a 2-for-1 split-up of
its common stock to be payed December 10, 1997 to shareholders of record
November 4, 1997. The move follows a 5-for-2 split of its common stock paid
to shareholders on May 5, 1997.
In this latest action, each shareholder will receive one additional share
of common stock for every share currently owned. Bank of Commerce currently
has 5,648,745 shares outstanding and will have 11,297,490 shares outstanding
after the new shares are issued. The exercise price of the warrants will
remain the same as now; however, the number of shares per warrant will
increase.
"Bank of Commerce has achieved dramatic successes during the past several
quarters and we want to share them with stockholders," said Peter Q. Davis,
Chairman and Chief Executive Officer. "We also believe that stock splits
improve the trading liquidity of our shares." On July 10, Bank of Commerce
reported second quarter net income rose 60% while assets grew 63%, deposits
increased 56% and the loan portfolio grew 55%.
On September 2, Bank of Commerce declared its 42nd consecutive quarterly
cash dividend. Shareholders of record on September 30, 1997, will receive
$0.05 per share cash on November 3. Earlier this week, Bank of Commerce
officially withdrew its offer to acquire Fallbrook National Bank (FNB).
Bank of Commerce is the nation's leading SBA bank lender and the largest
publicly held independent bank headquartered in San Diego County. The bank
operates twelve specially designated loan production offices in San Diego,
Glendale, Orange, Sacramento, and San Francisco, CA; Las Vegas and Reno, NV;
Phoenix and Tucson, AZ; Seattle, WA, Portland, OR, and Denver, CO. In
addition, Bank of Commerce operates seven full service branches in San Diego,
Palm Desert, and Temecula, CA. Yesterday, September 17, BCOM closed at
$22.50 per share.
NOTE: This company is a client of Len Cereghino & Co. Corporate Investor
Relations. Bank of Commerce's press releases are available at no charge
through PR Newswire's Company News On-Call fax service. For a menu of Bank of
Commerce press releases or to retrieve a specific release, call 800-IRNEWS9,
extension 123798, or http://www.prnewswire.com/cnoc/exec/menu?123798 on the
Internet.
SOURCE Bank of Commerce
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CONTACT: Peter Q. Davis, Chairman & CEO of Bank of Commerce, 619-232-2096
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