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 Annual Cash Dividend Will Rise 13%
Declares $0.15 Per Share Cash Dividend and 5% Stock Dividend
Napa, CA - January 26, 2005 - North Bay Bancorp (Nasdaq: NBAN), parent of The
Vintage Bank and its operating division Solano Bank, today announced its Board
of Directors has increased its annual cash dividend 13% to $0.15 per share. The
Board of Directors also declared a 5% stock dividend. Both dividends will be
paid on March 31, 2005, to shareholders of record March 18, 2005.
Each shareholder will receive 5 additional shares of NBAN common stock for each
100 shares owned. Following the issuance of the additional shares from this
stock dividend, North Bay will have approximately 3.8 million shares
outstanding. In 2004, the company paid a cash dividend of $0.13 per share, which
is adjusted for the 3-for-2 split issued this past December.
"We believe that in addition to consistent earnings growth, regular
cash and periodic stock dividends are excellent ways to grow shareholder value,"
stated Terry Robinson, President and CEO. "Returning capital to our shareholders
is an immediate way to ensure that they participate in our success." 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). North Bay plans to report its
2004 financial results on or before February 15, 2005.
ABOUT NORTH BAY BANCORP
North Bay Bancorp's is the holding company for The Vintage Bank in Napa County
and Solano Bank, a Division of The Vintage Bank, in Solano County. This
full-service commercial bank offers 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 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, launched in July 2000, has offices in the
primary cities along the I-80 corridor of Solano County, including Vacaville,
Fairfield, Vallejo and Benicia and an off-site ATM facility in downtown
Fairfield. The North Bay region is projected to be the fastest growing county in
Northern California through year 2020, and 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 subsidiary. 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
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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.
Note: Transmitted on Business Wire on January 26, 2005 at 9:00 a.m. PST
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