
Presidio Bank
June 28, 2019
Page 2
We also have assumed with your consent, in rendering the opinions set forth below, that:
(a) The Merger will be consummated in accordance with the provisions of the Merger Agreement (without waiver or modification of any provision thereof);
(b) The statements concerning the Merger set forth in the Merger Agreement, the Merger Registration Statement, and the other documents described therein are true, complete, and correct and will be true, complete, and correct as of the Effective Time (as defined in the Merger Agreement);
(c) Each of the representations and certifications made in the future tense in the Certificates of Representations will be true, complete, and correct at the time or times contemplated by such representation or certification;
(d) The representations and certifications made in the Certificates of Representations are true, complete, and correct and will be true, complete, and correct as of the Effective Time;
(e) Any representations or certifications made in the Certificates of Representations or the Merger Agreement qualified by belief, knowledge, materiality, or any similar qualification are true, correct, and complete without such qualification; and
(f) The parties to the Merger Agreement have complied with and, if applicable, will continue to comply with, the covenants and obligations contained in the Merger Agreement and the other documents described therein.
If any of these assumptions is untrue in any material respect, our opinions as expressed below may be adversely affected and may not be relied upon.
Our opinions are limited to United States federal income tax law, and are based on existing law as contained in the Internal Revenue Code of 1986, as amended (the “Code”), the United States federal income tax regulations promulgated or proposed thereunder (the “Treasury Regulations”), judicial authorities, and public positions of the Internal Revenue Service (the “IRS”), all as in effect of the date hereof. The provisions of the Code, the Treasury Regulations, IRS administrative pronouncements, and case law upon which our opinions are based could be changed at any time, perhaps with retroactive effect, and any such change could adversely affect our conclusions set forth below. In addition, some issues under existing law that could significantly affect our opinions have not yet been addressed authoritatively by the IRS or the courts, and our opinions are not binding on the IRS or the courts. Hence, there can be no assurance that the IRS will not challenge, or that the courts will agree with, our conclusions.