SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 26, 1997
CAPITAL CORP OF THE WEST
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(Exact name of registrant as specified in its charter)
CALIFORNIA 0-27384 77-0405791
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State of Incorporation Commission File No. IRS Employer ID Number
1160 WEST OLIVE AVENUE, SUITE A, MERCED, CALIFORNIA 95348
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Address, including zip code, of registrant's principal executive office
(209) 725-2200
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Registrant's telephone number, including area code
ITEM 5. OTHER EVENTS.
See attached press release.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has caused this current report to be signed on its behalf by the
undersigned duly authorized person.
Date: June 26, 1997 Capital Corp of the West
By: /s/ Thomas T. Hawker
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Its President and Chief Executive Officer
2
NEWS RELEASE
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CONTACT:
Capital Corp of the West/County Bank
Thomas Hawker or Janey Boyce
(209) 725-2200
Bank of America
Harvey Radin
(415) 622-6320
CAPITAL CORP OF THE WEST/COUNTY BANK TO ACQUIRE
THREE BANK OF AMERICA BRANCHES
MERCED, June 26, 1997 -- Capital Corp of the West/County Bank and Bank of
America today jointly announced that three BofA branches in the cities of Dos
Palos, Livingston and Mariposa will be acquired by Capital Corp's subsidiary,
County Bank. This acquisition is subject to approval by federal and state
regulators of Capital Corp and County Bank, after which detailed information
will be sent to each customer.
"The purchase of the local branches by County Bank will ensure continuity
of banking services for the three communities," said Bank of America District
Manager, Mike Petermann.
He described the sale as part of an effort by BofA to adjust its retail
banking franchise. "Like any retailer, we continually evaluate our business to
allocate our resources as effectively as possible. This is a dynamic, ongoing
process in which we may sell or consolidate locations -- as well as open new
facilities -- as market circumstances require."
According to Petermann, the fact that BofA does not have extensive retail
operations in these three areas was a key consideration in its decision to sell
the branches. By reallocating some of its resources, Bank of America feels it
will be able to best serve the majority of its customers.
Founded in 1977, County Bank currently operates nine full service branches
in: Merced, Atwater, Los Banos, Hilmar, Turlock, Modesto and Sonora. A tenth
office is approved for a scheduled opening late this year in Madera. As of
March 31, 1997, County Bank's assets totaled $255 million. Capital Corp of the
West, County Bank's holding company, had consolidated assets of $286 million.
"We're very pleased to welcome Bank of America customers and employees in
these three communities to our banking family," said Tom Hawker, President of
County Bank and Capital Corp of the West. "As a local community bank, we're
committed to supporting the growth of our communities through quality customer
service and our full range of banking products. County Bank and Bank of America
are mutually committed to a smooth transition as customer accounts are
transferred from BofA to County Bank."
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