FOR IMMEDIATE RELEASE
Security First Bank
Security First Bank and SunPac Financial have reached an agreement to extend their merger date to April 27, 2016
Fresno, California – February 5, 2016. Security First Bank (SFRK) today announced that Security First Bank and SunPac Financial have reached an agreement to extend the time for receipt of regulatory approvals from the FDIC and the California Department of Business Oversight that would permit SunPac Financial to consummate the acquisition of Security First Bank through merger. The Third Amendment to the merger agreement extends the date for merger consummation to April 27, 2016. The additional time is intended to permit a favorable regulatory determination on the applications necessary 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.
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.