Exhibit 99.1
SAN JOAQUIN
BANK
Administrative Offices
1000 Truxtun Avenue Phone: (661) 281-0360
Bakersfield, CA 93301 Fax: (661) 281-0366
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NEWS RELEASE
SAN JOAQUIN BANK COMPLETES PLAN OF REORGANIZATION
Tuesday, August 1, 2006
BAKERSFIELD, CA-(Business Wire)-August 1, 2006 - San Joaquin Bank:
San Joaquin Bank announced today that it had completed its plan of
reorganization into a holding company structure effective July 31, 2006. As a
result of the reorganization, the Bank is now wholly-owned by San Joaquin
Bancorp. The shareholders of the Bank are now shareholders of San Joaquin
Bancorp. President Bart Hill said, "WE ARE PLEASED WITH THE ADDITIONAL
FLEXIBILITY PROVIDED BY THE FORMATION OF A HOLDING COMPANY, BUT EXPECT THAT
THERE WILL BE NO CHANGES REGARDING THE WAY THE BANK DELIVERS SERVICES TO ITS
CUSTOMERS."
Under the plan of reorganization, each share of common stock of the Bank
represents one share of the common stock of San Joaquin Bancorp. An actual
exchange of Bank share certificates will not be mandatory because the existing
Bank share certificates are deemed to represent shares of Bancorp. However, new
Bancorp share certificates will be issued when future transactions occur.
In connection with the reorganization, San Joaquin Bancorp will assume all
reporting and disclosure obligations previously performed by San Joaquin Bank
and begin to file periodic reports with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934. In addition, shares of San
Joaquin Bancorp's common stock will be listed on the OTC Bulletin Board under
the ticker symbol "SJQU" and the common stock of the Bank, with the ticker
symbol "SJQN", has been delisted from the OTC Bulletin Board.
Established in 1980 and headquartered in Bakersfield, California, San Joaquin
Bank is a full-service, community bank with three banking offices in Bakersfield
and one in Delano. San Joaquin Bank emphasizes professional, personal banking
service directed primarily to small and medium-sized businesses and
professionals. The Bank also provides a full range of banking services that are
available to individuals, public entities, and non-profit organizations.
Certain statements in this press release, including statements regarding the
intent, belief or current expectations of the Bank, its directors or its
officers, are "forward-looking" statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995). Because such statements are
subject to risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements.
Contacts:
Bart Hill Steve Annis
President & CEO Executive Vice President & CFO
(661) 281-0300 (661) 281-0300
Company Website: www.sjbank.com
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