EXHIBIT 99.1
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PRESS RELEASE
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First Community Bancorp First Community Bank of the Desert
(NASDAQ: FCBP) 74-750 Highway 111
6110 El Tordo Indian Wells, CA 92284
Rancho Santa Fe, CA 92067 Contact: William T. Powers
Contact: James A. Boyce President and
President and Chief Executive Officer
Chief Executive Officer Phone: 760.836.0870
Phone: 858.756.7077 Fax: 760.836.0878
Fax: 858.756.5797
FOR IMMEDIATE RELEASE June 1, 2000
Rancho Santa Fe National Bank Completes Merger with First Community Bank of the
Desert and First Community Bancorp is Formed
First Community Bancorp (FC Bancorp) today announced it has completed its
formation and has combined Rancho Santa Fe National Bank (Rancho) with First
Community Bank of the Desert (First Community) as its wholly-owned subsidiaries.
Shareholders for both banks approved the transaction at their respective
Shareholder Meetings held on May 31, 2000. Under the terms of the merger
agreement, each shareholder of First Community received 0.300 shares of FC
Bancorp common stock for each share of First Community common stock. Each Rancho
share is being exchanged for one share of FC Bancorp common stock. At the same
time as completion of the merger, FC Bancorp became listed on NASDAQ under the
symbol FCBP, thus adding liquidity to its shareholders. The merger used
pooling-of-interests accounting.
The merger created a $318 million bank holding company operating in the
exclusive markets of Northern San Diego County and the desert communities of the
Coachella Valley. Each bank will operate under its own name with Rancho having
branches in Rancho Santa Fe, San Diego's Golden Triangle, Escondido and
Carlsbad. First Community has branches in Palm Springs, Indian Wells, Cathedral
City, Yucca Valley, Joshua Tree and Twentynine Palms.
James A. Boyce, President and Chief Executive Officer of Rancho, will also
assume this role at FC Bancorp. William T. Powers, President and Chief Executive
Officer of First Community, will continue in this role and also become a
director of FC Bancorp. John M. Eggemeyer III, Chairman of the Board of Rancho,
became Chairman of the Board of FC Bancorp. Mr. Eggemeyer commented, "In spite
of the burden of the merger process, both banks demonstrated their focus and
potential by posting outstanding earnings growth in the first quarter of 2000,
while simultaneously working on integration tasks. The combination of Rancho
with First Community under FC Bancorp is the first step in the creation of a
strong banking franchise that will focus on serving the banking needs of
entrepreneurs, businesses and real estate clients located within an expanded
market area."
In commenting on the merger, William T. Powers, President and CEO of First
Community Bank, said, "We are looking forward to a strong working partnership
with Rancho Santa Fe National Bank. The benefits of sharing technology,
administrative systems, and banking expertise will make our organizations
significantly stronger and more competitive."
James A. Boyce, President of Rancho Santa Fe, in commenting on the merger stated
that, "In the past, we have enjoyed an excellent working relationship with Bill
Powers and his team at First Community Bank. The integration of administrative
support activities can be accomplished quickly and we fully expect to reach our
overhead reduction and organizational restructuring goals during the balance of
this year. It is important to note that improved operating efficiency is a key
element of the merger, but we clearly recognize our primary focus must be
service to our customers. Our future is directly related to our ability to serve
their needs responsively and competitively."
Market Makers
Brookstreet Securities, Pacific Crest Securities and Keefe, Bruyette and Woods
have informed us that they intend to make a market in First Community Bancorp
common stock.
Forward-Looking Statements
This press release includes forward-looking statements that involve inherent
risks and uncertainties. First Community Bancorp, Rancho Santa Fe National Bank
and First Community Bank of the Desert caution readers that a number of
important factors could cause actual results to differ materially from those in
the forward-looking statements. These factors include economic conditions and
competition in the geographic and business areas in which First Community
Bancorp, Rancho Santa Fe National Bank and First Community Bank of the Desert
operate, inflation, fluctuations in interest rates, legislation and governmental
regulation and the progress of integrating the operations of First Community
Bancorp, Rancho Santa Fe National Bank and First Community Bank of the Desert.