December 15, 2014
Dear Valued Client,
It’s that special time of year. With the holidays upon us, our Board of Directors and staff want to take this opportunity to sincerely “Thank You” for your business and support. Your loyalty is deeply appreciated. You have our promise that the staff of National Bank of California will continue to provide you with the best possible service.
During this holiday season we have some additional good news to celebrate with you. On December 10, 2014 we announced that Mr. Alex Meruelo, founder of the Meruelo Group, and the current directors and an officer have purchased 19,890,322 shares of NCAL Bancorp common stock for $10,881,000. Further, upon approval by the Federal Reserve Bank of San Francisco, an additional $3.9 million in common stock will be issued on the same terms in connection with the conversion of our outstanding TARP securities. We have enclosed a copy of the press release relating to these transactions to provide you with additional details.
This recapitalization will provide additional financial strength and the impetus for growth as we move into 2015. In addition to the new capital, we are pleased to have the added support of Alex Meruelo and his team of Luis Armona, Xavier Gutierrez and Ash Patel, who have joined our Board of Directors. Mr. Meruelo and his team are very happy to make this investment and establish this new relationship with our Bank.
Our directors are equally delighted to end the year on this high note and know they are turning the helm over to a very knowledgeable and capable group. As previously stated, Joseph Kornwasser, Alfred Landolph, and Henry Homsher will continue to serve on the Board, and the Bank’s existing management will continue to serve your banking needs.
We now begin a new chapter in the life of a great bank. While there is still much work ahead, we believe we have some of the finest people in banking here to serve you. We want to acknowledge their hard work, teamwork, and professional commitment.
Thanks again for making National Bank of California your bank. We look forward to supporting you in 2015.
In the meantime, if you have any questions about this transaction, please don’t hesitate to give either of us a call. Again, thank you and we wish you a very prosperous New Year!
Henry P Homsher Peter Koos
President/CEO EVP/Chief Operating Officer