FOR IMMEDIATE RELEASE Contact: Mark Ruh, Chief Financial
Officer
October 24, 2011 (805) 269-2000
SAN LUIS OBISPO, Calif. - Mission Community Bancorp (OTCBB:
MISS) announced that effective at the close of business on
October 21, 2011, it completed its previously announced
acquisition of Santa Lucia Bank, a subsidiary of Santa Lucia
Bancorp, headquartered in Atascadero, California. With the
completion of the acquisition, Santa Lucia Bank was merged
into Mission Community Bank, the wholly-owned banking
subsidiary of Mission Community Bancorp.
The combined community bank will operate under the Mission
Community Bank name, with a network of full-service branch
offices in San Luis Obispo and Santa Barbara counties in the
cities of Paso Robles, Atascadero, San Luis Obispo, Arroyo
Grande and Santa Maria. The consolidated bank will have
approximately $450 million in assets and $410 million in
deposits at the transaction close.
"We welcome Santa Lucia Bank customers and staff to the
Mission Community Bank family," said James Lokey, CEO and
chairman of Mission Community Bancorp. "Our combined bank
will continue to provide the highest level of personal
service that our customers have come to expect from Santa
Lucia Bank and Mission Community Bank."
All four former Santa Lucia Bank branch offices will remain
open. The conversion of Santa Lucia Bank's operating systems
to Mission Community Bank's operating platform is scheduled
to be completed in January 2012.
Mission Community Bancorp is a bank holding company for
Mission Community Bank and Mission Asset Management, Inc.
Mission Community Bank is a locally operated community bank
which first opened its doors in 1997. There are full-service
Mission Community Bank offices in San Luis Obispo,
Atascadero, Santa Maria, Paso Robles and Arroyo Grande, and a
loan production office in Oxnard. The bank's administrative
headquarters and Small Business Banking Center are
located
in San Luis Obispo at 3380 South Higuera Street.
Certain matters discussed in this release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These
forward-looking statements relate to uncertain future events
and economic conditions. These forward-looking statements are
subject to certain risks and uncertainties that could cause
the actual results, performance or achievements to differ
materially from those expressed, suggested or implied by the
forward-looking statements. These risks and uncertainties
include, but are not limited to: the impact of changes in
interest rates, a decline in economic conditions and
increased competition among financial service providers as
these factors may impact the operating results, the ability
to attract deposit and loan customers,
the quality of earning assets and government regulation. The
Bank does not undertake, and specifically disclaims, any
obligation to update any forward-looking statements to
reflect occurrences or unanticipated events or circumstances
after the date of such statements.
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