FOR IMMEDIATE RELEASE
CEO, President & CFO
Security First Bank
Fresno, California – April 27, 2016. Security First Bank (SFRK) today announced that Security First Bank and SunPac Financial extended to May 27, 2016 their definitive agreement for the merger of Security First Bank into SunPac Financial, Inc. The extension provides additional time for receipt of regulatory approvals from the FDIC and the California Department of Business Oversight that would permit SunPac Financial to complete the proposed merger. Under the terms of the definitive agreement for the merger, Security First Bank shareholders have the right to receive $10.50 in cash for each share of stock. Security First Bank shareholders approved the merger agreement at the annual meeting held on May 5, 2015.
Security First Bank also announced its first quarter earnings today. In the first quarter of 2016, the bank had net income of $24,473 or $0.014 per share after one time severance and merger related charges of $480,000, compared to the same quarter in 2015, when the bank had net income of $67,354 or $0.038 per share.
Total assets for the first quarter of 2016 were $112 million compared to $115 million for the first quarter of 2015. Total deposits for the first quarter of 2016 were $92 million compared to $95 million for the first quarter of 2015.
"Given we have been in the process of this merger over this past year, keeping earnings level and maintaining our quality Asset and Deposit Base has been a key focus for our Board of Directors and Senior Management", said Steve Jones, CEO, President and CFO of Security First Bank.
This press release may contain forward-looking statements regarding Security First Bank and the proposed merger. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Risks and uncertainties include, but are not limited to, the following factors: regulatory approvals of the merger may not be obtained or adverse regulatory conditions may be imposed in connection with such regulatory approvals and conditions to the closing of the merger may not be satisfied. There is no obligation to revise or publicly release any revision or update to reflect events or circumstances that occur after the date on which such statements were made.