The banking and financial services business in California generally, and
specifically in our market area, is highly competitive. The increasingly
competitive environment is a result of many factors including, but not limited
to:
Significant consolidation among financial institutions which has
occurred over the past several years, which accelerated dramatically
in 2010, resulting in a number of substantially larger competitors
with greater resources than ours;
Increasing integration among commercial banks, insurance companies,
securities brokers and investment banks; and
Rise of the Internet, causing us to compete more frequently with
remote entities soliciting customers in our primary market area via
Web-based advertising and product delivery.
We compete for loans, deposits, fee-based products, and customers for financial
services with other savings banks, commercial banks, credit unions, thrift and
loans, mortgage bankers, securities and brokerage companies, insurance...
Read more...
The banking and financial services business in California generally, and
specifically in our market area, is highly competitive. The increasingly
competitive environment is a result of many factors including, but not limited
to:
Significant consolidation among financial institutions which has
occurred over the past several years, which accelerated dramatically
in 2010, resulting in a number of substantially larger competitors
with greater resources than ours;
Increasing integration among commercial banks, insurance companies,
securities brokers and investment banks; and
Rise of the Internet, causing us to compete more frequently with
remote entities soliciting customers in our primary market area via
Web-based advertising and product delivery.
We compete for loans, deposits, fee-based products, and customers for financial
services with other savings banks, commercial banks, credit unions, thrift and
loans, mortgage bankers, securities and brokerage companies, insurance firms,
finance companies, mutual funds, and other nonbank financial service providers.
Many of these competitors are much larger in total assets, market reach, and
capitalization, enjoy greater access to capital markets and can offer a broader
array of products and services than we offer.
In order to compete with other financial service providers, we rely upon:
Involvement in the labor union community;
Personal service and the resulting personal relationships of our staff
and customers;
Referrals from directors, employees and satisfied customers;
Fast decision making; and
Our branch network.
We estimate that our net proceeds from our sale of shares of our common
stock in this offering (based on an assumed offering price of $ per
share) will be approximately $ million, after deduction of
underwriting discounts and commissions and offering expenses payable by us
estimated to be $ . If the underwriter's overallotment option to
purchase additional shares in this offering is exercised in full, we estimate
that our net proceeds will be approximately $ , after deducting
underwriting discounts and commissions and estimated offering expenses payable
by us.
We plan to use the net proceeds from this offering as follows:
⢠to provide capital to our Bank to support its anticipated organic
growth;
⢠to support potential future acquisition of branches or whole banks,
including possible acquisitions of failed institutions in FDIC-
assisted transactions; and
⢠for other general corporate purposes.
We have broad discretion over the uses of the net proceeds...
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We estimate that our net proceeds from our sale of shares of our common
stock in this offering (based on an assumed offering price of $ per
share) will be approximately $ million, after deduction of
underwriting discounts and commissions and offering expenses payable by us
estimated to be $ . If the underwriter's overallotment option to
purchase additional shares in this offering is exercised in full, we estimate
that our net proceeds will be approximately $ , after deducting
underwriting discounts and commissions and estimated offering expenses payable
by us.
We plan to use the net proceeds from this offering as follows:
⢠to provide capital to our Bank to support its anticipated organic
growth;
⢠to support potential future acquisition of branches or whole banks,
including possible acquisitions of failed institutions in FDIC-
assisted transactions; and
⢠for other general corporate purposes.
We have broad discretion over the uses of the net proceeds of this offering.
By establishing a public market for our common stock, this offering is also
intended to facilitate our future access to public markets.
