Exhibit 99.1
[NORTH BAY BANCORP LOGO]
Contact: Terry L. Robinson, President & CEO
trobinson@northbaybancorp.com
707-252-5024
[THE CEREGHINO GROUP LOGO]
corporate investor relations
5333 15TH AVENUE SOUTH, SUITE 1500
SEATTLE, WA 98108
206.762.0993.
North Bay Bancorp Announces 3-for-2 Stock Split
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Napa, CA - November 23, 2004 - North Bay Bancorp (Nasdaq: NBAN),
holding company for The Vintage Bank and Solano Bank, today announced its Board
of Directors has declared a three-for-two stock split, which will be accounted
for as a 50% stock dividend. Each shareholder will receive 50 additional shares
of NBAN common stock for each 100 shares owned. The effective date (record date)
of the stock split will be December 6, 2004. The payment date for the
distribution of the additional shares is December 16, 2004, and the stock will
trade ex-dividend on the day following the payment date, reflecting the split
adjustment. Following the issuance of the additional shares from this split,
North Bay will have approximately 3.6 million shares outstanding.
"North Bay has succeeded in growing assets significantly and steadily
increasing earnings while building a premier banking franchise over the past
five years. We believe in sharing our success with those who have invested in
us", said Terry Robinson, President and CEO. Since 1999, North Bay has generated
a compounded annual growth rate of 24% for assets, 20% for shareholders' equity
and 13% for net income (based on trailing 12 months ended September 30, 2004,
and September 30, 1999).
"This stock split, coupled with our annual cash dividend and 5% stock
dividend, reflects our confidence in the growth potential for our banking
franchise," Robinson added. North Bay's reported pre-tax profits grew 24% in the
third quarter with 29% growth in the loan portfolio and 22% growth in core
deposits from the third quarter a year ago. Year-to-date, net income grew 14% to
$3.5 million, or $1.40 per diluted share, compared to $3.1 million, or $1.26 per
diluted share in the first nine months of 2003.
ABOUT NORTH BAY BANCORP
North Bay Bancorp is the parent company of The Vintage Bank based in Napa County
and Solano Bank based in Solano County, both full service commercial banks
offering a wide selection of deposit, loan and investment services to local
consumers and small business customers. The Vintage Bank, opened in 1985,
operates six banking offices in Napa County, Northern California's number one
tourist destination and the nation's premier wine producing region. The Bank's
main office and two branch offices are located in the City of Napa. Vintage also
has branches in the City of St. Helena, American Canyon and the Southern
industrial area of Napa County as well as an off-site ATM facility in
Yountville. Solano Bank, opened in July 2000, operates offices in the primary
cities along the I-80 corridor of Solano County. The Bank's main office is
located in Vacaville, with branches in Fairfield, Vallejo and Benicia and an
off-site ATM facility in downtown Fairfield. This region, projected to be the
fastest growing county in Northern California through year 2020, is attracting
businesses and residents with a quality lifestyle, affordable housing and
business-friendly attitudes.
This news release contains forward-looking statements with respect to
the financial condition, results of operation and business of North Bay Bancorp
and its subsidiaries. These include, but are not limited to, statements that
relate to or are dependent on estimates or assumptions relating to the prospects
of loan growth, credit quality and certain operating efficiencies resulting from
the operations of The Vintage Bank and Solano Bank. These forward-looking
statements involve certain risks and uncertainties. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, among others, the following possibilities:
(1) competitive pressure among financial services companies increases
significantly; (2) changes in the interest rate environment on interest margins;
(3) general economic conditions, internationally, nationally or in the State of
California are less favorable than expected; (4) legislation or regulatory
requirements or changes adversely affect the business in which the combined
organization will be engaged; (5) the Company's ability to pay future cash or
stock dividends, and (6) other risks detailed in the North Bay Bancorp reports
filed with the Securities and Exchange Commission.
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Note: Transmitted on Business Wire on November 23, 2004 at 11:24 a.m. PST