American Riviera Bank Announces Completion of Holding Company Reorganization
Santa Barbara, California – February 11, 2022 – American Riviera Bank and American Riviera Bancorp (OTCQX: ARBV) announced today that a reorganization resulting in a bank holding company structure has been completed. Following shareholder approval on January 10, 2022 and recent receipt of all requisite regulatory approvals, the holding company reorganization has been finalized and American Riviera Bank is now a wholly-owned subsidiary of American Riviera Bancorp.
There has been no change in the Bank’s directors or executive officers following the reorganization, and the Bancorp’s directors and officers are the same as the Bank’s immediately prior to the reorganization. Shares of American Riviera Bancorp common stock trade under the ticker symbol “ARBV” on the OTCQX market, the same ticker symbol used previously by American Riviera Bank. Shareholders of American Riviera Bank prior to the reorganization will now own the exact same amount of common shares of American Riviera Bancorp after the reorganization.
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Jeff DeVine, President and Chief Executive Officer commented, “We are pleased to complete the formation of American Riviera Bancorp with approvals from our shareholders and regulators, and look forward to the shareholder benefits and additional corporate flexibility the new structure will provide as we continue to serve our Central Coast communities.”