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California United Bank and California Oaks State Bank Announce Receipt of Regulatory Approvals for Merger

^{Published on 2010-11-24 06:15:35 - Market Wire}
 

ENCINO, Calif.--([ BUSINESS WIRE ])--California United Bank (OTCBB: CUNB) and California Oaks State Bank (OTCBB: COSB) today announced that they have received all regulatory approvals necessary to authorize the previously announced merger of California Oaks State Bank into California United Bank from the Federal Deposit Insurance Corporation (aFDICa) and the California Department of Financial Institutions (aCDFIa). The approvals are subject to usual and customary conditions.

"These approvals keep us on schedule to complete the merger before the end of the year which is beneficial to our shareholders."

David I. Rainer, President and Chief Executive Officer of California United Bank commented, aThe FDIC and CDFI approvals are vital to our proposed transaction and permit us to move forward with this positive opportunity for our shareholders, customers, and employees and those of California Oaks State Bank, as well as the Conejo and Simi Valley communities. We appreciate the attention and confidence of our regulators.a

The merger is subject to approval by the shareholders of California United Bank and California Oaks State Bank. The shareholders of California United Bank will hold a meeting on December 9, 2010 at 9:00 a.m. to consider and vote upon the merger proposal and the shareholders of California Oaks State Bank will hold a meeting on December 9, 2010 at 5:00 p.m. to consider and vote upon the merger proposal.

John Nerland, President and Chief Executive Officer of California Oaks State Bank noted, aThese approvals keep us on schedule to complete the merger before the end of the year which is beneficial to our shareholders.a

The acquisition is scheduled to close on or about December 31, 2010, subject to receipt of shareholder approval.

Shareholders of California United Bank and California Oaks State Bank are urged to read the joint proxy statement/prospectus regarding the proposed merger and any other relevant documents filed by California United Bank with the FDIC, because these will contain important information. Shareholders of California United Bank and California Oaks State Bank are able to obtain a free copy of the joint proxy statement/prospectus, other FDIC filings by California United Bank that are incorporated by reference into the joint proxy statement/prospectus, as well as other filings containing information about California United Bank, at [ www.californiaunitedbank.com ] or from Anita Wolman, Corporate Secretary at 15821 Ventura Boulevard, Suite 100, Encino, CA 91436 a" (818) 257-7700 a" [ awolman@californiaunitedbank.com ]. Information from California Oaks State Bank can be obtained from John Nerland, President and Chief Executive Officer at 50 W. Hillcrest Drive, Thousand Oaks, CA 91360 - (805) 413-0111 - [ JohnN@caloaks.com ].

About California United Bank

California United Bank, which recently celebrated the fifth anniversary of its opening, provides a full range of financial services, including credit and deposit products, cash management, and internet banking for business, entrepreneurs, professionals and high net worth individuals throughout Southern California from offices in the San Fernando Valley, the Santa Clarita Valley, the Conejo Valley, Los Angeles, South Bay, Glendale/San Gabriel Valley and Orange County. To view California United Banka™s most recent financial information, please visit the Investor Relations section of the Banka™s Web site. Information on products and services may be obtained by calling (818) 257-7700 or visiting the Banka™s Web site at [ www.californiaunitedbank.com ].

About California Oaks State Bank

California Oaks State Bank with $136.7 million in assets is located in Ventura County with offices in Thousand Oaks and Simi Valley and a Loan Production Office located in Walnut Creek, California. California Oaks State Bank was founded in 1998 as a locally owned community business bank. The bank provides a full range of products and services including commercial and real estate loans as well as cash management products and deposit services. Its unique capability in diversified lending, in addition to its customary community bank credit products, helps its customers meet their cash management goals. Further information may be obtained at [ www.caloaks.com ].

Additional Information

Additional information regarding the interests of those participants and other persons who may be deemed participants in the proxy solicitation may be obtained by reading the joint proxy statement/prospectus regarding the proposed merger. Copies may be obtained at [ www.californiaunitedbank.com ], or by calling Anita Wolman, Corporate Secretary of CUB at (818) 257-7700 or John Nerland, President and Chief Executive Officer of California Oaks State Bank at (805) 413-0111.

California United Bank, California Oaks State Bank, and their directors and executive officers may be deemed to be participants in the solicitation of proxies from their shareholders in connection with the proposed merger. Information about the directors and executive officers of both California United Bank and California Oaks State Bank is set forth in the joint proxy statement /prospectus relating to the merger dated November 5, 2010.

Information about California United Banka™s directors and executive officers is available in its Annual Report on Form 10-K and Form 10-KA for the year ended December 31, 2009, which were filed with the Federal Deposit Insurance Corporation on March 12, 2010 and April 29, 2010, respectively, and its notice of annual meeting and proxy circular for its most recent annual meeting, which was filed with the FDIC on June 8, 2010. These documents are available at [ www.californiaunitedbank.com ] as described in the previous paragraph.

This communication does not constitute an offer of any securities for sale.

Forward Looking Statements

Certain statements contained in this release that are not statements of historical fact constitute forward-looking statements for which the Bank claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995 (the aActa), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the FDIC, in press releases and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of our plans, objectives and expectations or those of our management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may" and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.

Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the possible or assumed future financial condition, results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond our ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) difficult and adverse conditions in the global and domestic capital and credit markets and the state of California, (2) continued volatility and further deterioration of the capital and credit markets, (3) significant costs or changes in business practices required by new banking laws or regulations, (4) a more adverse than expected decline, a adouble dipa recession, or continued weakness in general business and economic conditions, which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense, (5) changes in market rates and prices which may adversely impact the value of financial products, (6) changes in the interest rate environment and market liquidity which may reduce interest margins and impact funding sources, (7) increased competition, (8) changes in the financial performance and/or condition of the Bank's borrowers, (9) increases in Federal Deposit Insurance Corporation premiums due to market developments and regulatory changes, (10) earthquake, fire, pandemic or other natural disasters, (11) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, and (12) our success at managing the risks involved in the foregoing.

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to reflect the occurrence of unanticipated events.

For a more complete discussion of these risks and uncertainties, see California United Banka™s Annual Report on Form 10-K for the year ended December 31, 2009, and particularly Part I, Item 1A, titled "Risk Factors.a