Merger Information
We are excited to announce our merger with Santa Cruz County Bank has closed! We encourage you to visit this page for up-to-date information as well as a full archive of past communications.
Merger Communications
Merger Closing Announcement - 10/1/2024
Shareholder Approval Announcement - 9/24/2024
Merger Announcement - 5/20/2024
FDIC Insurance Coverage Information
1st Capital Bancorp Stock Exchange Questions
Important Dates
The merger process followed regulatory and shareholder approvals and closed on October 1, 2024.
Key Milestones:
- Filing of proxy/prospectus, with all the details of the merger
- Shareholder approval, by both stockholder groups (SCZC, FISB)
- Regulatory approval
- Close of merger, October 1, 2024
- Systems conversion - from Friday, December 13, 2024 to Sunday, December 15, 2024
- Branch closures - January 17, 2025 - See FAQs for details
Frequently Asked Questions
What is happening?
West Coast Community Bancorp (“Bancorp” OTCQX: SCZC), parent company for 1st Capital Bank, announced the successful completion of their previously announced merger. On October 1, 2024, 1st Capital Bancorp merged with and into Bancorp and 1st Capital Bank merged with and into Bank, a strategic move to enhance our capabilities and better serve our community. Both community banks have a combined history of nearly 40 years serving their communities with delivery of personalized, relationship-style banking which has set us both apart from other banks in the marketplace. Click here to read the Merger Announcement.
Why 1st Capital Bank?
We believe the merger to be compelling from a strategic, financial, geographic and cultural perspective. The merged bank will be the premier bank on the Central Coast with nearly $2.7 billion in assets. We believe this is an excellent combination given our similar culture, clients and operations. We both started with the same community values, by founders with common community and banking experience. This union is positive for shareholders, employees and the communities we serve.
How is the merger structured?
The merger is structured as a tax-free stock exchange (100% stock), meaning that 1st Capital Bancorp (FISB) shareholders will receive 0.36 shares of West Coast Community Bancorp (SCZC) stock for each FISB share they own.
For information about the stock exchange, please read our 1st Capital Bancorp Stock Exchange FAQs below.
Is the merger completed now?
Yes. The merger closed on October 1, 2024.
What are the key steps in the merger process?
The merger process followed regulatory and shareholder approvals and closed on October 1, 2024.
Key Milestones:
- Filing of proxy/prospectus, with all the details of the merger
- Shareholder approval, by both stockholder groups (SCZC, FISB)
- Regulatory approval
- Close of merger, October 1, 2024
- Systems conversion – from Friday, December 13, 2024 to Sunday, December 15, 2024
- Branch closures – January 17, 2025
Will any branches close as a result of the merger?
Some locations will be consolidated into nearby branches.
- 1st Capital Bank's Salinas branches at 1097 S. Main Street and 150 Main Street, Suite 150 will be closed and consolidated into the Santa Cruz County Bank Salinas branch at 480 S. Main Street.
- 1st Capital Bank's Santa Cruz branch at 3110 Mission Drive will be closed and consolidated into the Santa Cruz County Bank Santa Cruz branch at 75 River Street.
- Santa Cruz County Bank's Monterey branch at 584 Munras Avenue will be closed and consolidated into the 1st Capital Bank Monterey branch at 300 Bonifacio Place.
Who will be running the combined Bank?
Krista Snelling, the current President and CEO of Santa Cruz County Bank will remain the President and CEO of the combined Bank and holding company, West Coast Community Bancorp.
Will any 1st Capital Bank Board members have roles in the combined Bank?
Yes. On October 1, 2024, Kurt J. Gollnick and Daniel R. Hightower, M.D., former Chairman and Vice Chairman of 1st Capital Bancorp and 1st Capital Bank, respectively, joined the boards of Bancorp and Santa Cruz County Bank. Mr. Gollnick will serve as vice chairman of both boards.
How can I stay informed throughout the merger process?
We will provide regular updates on this page for the latest information and resources related to the merger.
GENERAL
Will the name of 1st Capital Bank change?
1st Capital Bank will be renamed West Coast Community Bank in the second quarter of 2025.
Why are my accounts moving to Santa Cruz County Bank?
On October 1, 2024, we completed a successful merger. 1st Capital Bank will operate as a division of Santa Cruz County Bank until the aforementioned rebrand takes place.
When will my accounts be transferred over to Santa Cruz County Bank?
A systems integration will take place beginning Friday, December 13 and ending Sunday, December 15, 2024. Systems will be offline during this period. Beginning Monday, December 16, 2024, you will be able to access your accounts..
Will my account numbers change?
No. Your account numbers will remain the same unless we have notified you otherwise.
Can I use my 1st Capital Bank checks after the merger?
Yes. Your 1st Capital Bank checks will be honored.
When will I be able to make transactions at Santa Cruz County Bank branches and ATMs?
On December 16, 2024, 1st Capital Bank clients may begin making transactions at all Santa Cruz County Bank locations.
Will branch hours change?
No. Branch hours will remain the same.
Will branch phone numbers change?
No. All branch phone numbers will remain the same.
What will happen to my safe deposit box at 1st Capital Bank?
Safe deposit boxes at the 1st Capital Bank Salinas branch, located at 1097 S. Main Street, will be moved to the Santa Cruz County Bank Salinas branch, located at 480 S. Main Street. Safe deposit box holders at the 1st Capital Bank Salinas branch will be notified by mail in advance of the move.
What is the Santa Cruz County Bank website address?
The website address is sccountybank.com.
ACCOUNTS
Will there be changes to my checking and savings accounts?
All 1st Capital Bank checking and savings accounts will be converted to Santa Cruz County Bank checking and savings accounts on December 16, 2024. Your account numbers will not change.
Will there be changes to my account statement?
The appearance of your account statement will change, but the information will be the same. Check images and electronic statements are available within online banking. Please note, you will receive a final account statement from 1st Capital Bank dated December 13, 2024.
What will happen to the beneficiaries I have designated on my accounts?
Your designated beneficiaries will remain the same. If you wish to make changes prior to December 13, 2024, please contact us.
What will happen with my automatic transfers?
Existing automatic transfers between 1st Capital Bank accounts will continue. No action by you will be necessary.
Does Santa Cruz County Bank provide night depository services?
Yes. Night depository services are available at all branches except Cupertino and King City.
What will happen to my FDIC insurance if I have accounts at both banks?
Your deposits at both banks are covered by a special FDIC insurance rule that protects clients with a combined balance over the $250,000 limit for at least six months after a merger or closing. For certificates of deposit (CDs), the FDIC allows the separate deposit insurance coverage to continue until the CD matures, in order to avoid a penalty for early withdrawal. For more information about FDIC coverage, visit fdic.gov or call toll-free 1.877.ASK.FDIC.
What will happen to my IRAs and CDs?
Your rates and terms for IRAs and CDs will stay the same through maturity. At maturity, you will have the option of renewing them at the rates and terms being offered at that time.
Can I open a new deposit account or loan prior to the December 13, 2024 transfer date?
Yes. You can apply for a loan prior to the transfer date. Please contact us about opening additional deposit accounts and we will advise you.
What will happen with my ICS/CDARs accounts?
ICS accounts will convert with the rest of your accounts at systems conversion, on December 16, 2024. CDARs will remain in their current product, rate and term until maturity and can then be transferred or reinvested at maturity with Santa Cruz County Bank’s CDARs program. ICS/CDARS clients will receive two (2) IRS Form 1099s: one (1) from 1st Capital Bank and one (1) from Santa Cruz County Bank.
DEBIT CARDS
Will I receive a new debit card?
Not at this time. You may continue to use your 1st Capital Bank debit card. However, if your 1st Capital Bank debit card expires or needs to be re-ordered/replaced, your debit card will be reissued as a Santa Cruz County Bank debit card.
Will my debit card ATM transactions remain free of fees?
Yes. If you use your ATM card at a bank that charges a fee, you will see this charge and a same day credit on your account statement.
What will happen to my card management and business CardValet for my debit card(s)?
Your current alerts and travel notices through these services will not convert. On December 16, 2024 or later, you can re-enroll your existing 1st Capital Bank debit card(s) in the card management feature within the Santa Cruz County Bank mobile app for personal accounts and CardValet app for business accounts, which allow you to turn your card on or off any time. These apps are available in the App Store and Google Play.
BUSINESS SERVICES
How will my Remote Deposit Capture be impacted?
After the systems integration is completed on December 16, 2024, you will have access to Santa Cruz County Bank's FastTrack! remote capture product through the same website access that you are currently using, with your same user ID and password.
Will my Positive Pay transfer to Santa Cruz County Bank?
Yes. Your existing Positive Pay settings will be transferred. No action by you will be necessary.
Will my existing business wire transfer and/or ACH templates be available in the new system?
Yes. Wire transfer and ACH templates will transfer to the new system. As a best practice, we recommend that you export all wire and ACH templates prior to December 13, 2024.
Are lockbox services available at Santa Cruz County Bank?
Yes. Please contact your relationship manager to discuss these services.
ONLINE BANKING, BILL PAY AND MOBILE BANKING
How will I access my accounts through mobile banking?
Your 1st Capital Bank mobile banking app will be discontinued on December 13, 2024.
On December 16, 2024, download the Santa Cruz County Bank mobile banking app through the App Store or Google Play. Log in with your Santa Cruz County Bank online banking login ID and password. Also, watch for communications by email for important dates and information to ensure a smooth transition during the online banking systems integration.
How will I access my accounts through online banking?
On December 13, 2024, you will no longer have access to 1st Capital Bank’s online banking system. Watch for communications by email for important dates and information to ensure a smooth transition during the online banking systems integration. These communications will include step-by-step login instructions. If you do not receive these instructions, please email ebanking@sccountybank.com or call 831.600.4060.
We invite you to visit the Santa Cruz County Bank Education Center, which contains online banking user guides and videos covering a wide array of products and services. For further assistance, please email ebanking@sccountybank.com or call 831.600.4060.
Education Center for Businesses: Click Here
Education Center for Individual: Click Here
When will I be able to see my 1st Capital Bank accounts through Santa Cruz County Bank’s online banking service?
You will be able to log in on December 16, 2024, after 9:00 a.m. through the website, sccountybank.com.
Will I be able to view my transaction history in online banking?
Yes. 24 months of history will be available. We recommend that you download and save information beyond that time frame prior to December 13, 2024.
Will I have access to my account eStatements?
eStatements through September 2024 will be available after the systems conversion. eStatements for October through December will be available in early 2025. All eStatements generated after the systems conversion will be available through online banking upon generation.
We recommend that you download and save any statements you may require prior to December 13, 2024. You may enroll to receive Santa Cruz County Bank eStatements on a go-forward basis through online banking at no charge on or after December 16, 2024. If you need assistance with statement retrieval, please email ebanking@sccountybank.com or call 831.600.4060.
Will my bill payments be automatically transferred?
Your current payees in Bill Pay will transfer over; however, your full payment history may not be available in the new system. We recommend downloading and saving past payment history prior to December 13, 2024.
Will there be any changes to Zelle™ (P2P payments)?
Zelle™ limits will change to $1,000 per day and $3,000 per month.
What will happen to my Quicken, QuickBooks or other third-party app connection?
You will need to re-establish the connection between online banking and your third-party applications such as Quicken and Quickbooks.
Will I need to re-establish my external transfers set up in online banking?
Yes. Your external transfers, for example from your account to another bank, will need to be re-established in the new online banking system.
Will my personal finance management system be converted?
No. You will need to re-establish those links in the new online banking system.
DIRECT DEPOSITS AND AUTOMATIC PAYMENTS
Will my recurring automatic debits and/or credits be affected by the conversion to the new system?
Your existing debits and/or credits using the 1st Capital Bank routing number will be honored after the systems conversion.
What will happen to my direct deposit from my employer?
Santa Cruz County Bank will honor any automatic deposits and will route them to your account.
What will happen to my direct deposits from Social Security?
Santa Cruz County Bank will continue to accept your direct deposits from Social Security.
What is Santa Cruz County Bank’s routing number?
The routing number is 121143736.
LOAN SERVICES
Will the rate, terms and conditions of my loan change?
Your loan will retain its existing rate, terms and conditions.
Will my loan number change?
No. Your loan number will remain the same.
What will happen to my automatic loan payment?
If your payment is set up through your 1st Capital Bank checking account, then your automatic loan payment will continue as scheduled. If your loan payment is set up through another financial institution or provider, please email ebanking@sccountybank.com or call 831.600.4060.
Will I continue to receive the same monthly statement for my loan?
Yes. You will receive a statement each month with the same information as your current statement. Please note that you will also receive a final account statement from 1st Capital Bank dated December 13, 2024, which will not be a billing statement.
FDIC Insurance Coverage Information
The following questions and answers will help depositors understand their insurance coverage following the merger. Additional resources are available at fdic.gov.
Q. I have deposit accounts at 1st Capital Bank and Santa Cruz County Bank. What happens to my FDIC Insurance when the two banks merge?
The 1st Capital Bank deposits will be separately insured from any accounts a depositor may already have at Santa Cruz County Bank for a period of six months. This grace period is intended to give depositors an opportunity to restructure their accounts if the merger causes a depositor to have funds in excess of the insurance limits at Santa Cruz County Bank. If a depositor has funds at only Santa Cruz County Bank or 1st Capital, this grace period will not apply, as the depositor's insurance coverage will be unaffected by the merger.
Q. I have a CD at 1st Capital Bank, how will the merger affect my FDIC Insurance?
The CDs that will be acquired by Santa Cruz County Bank will be separately insured from pre-existing deposit accounts at Santa Cruz County Bank, subject to the following rules:
- Time deposits that mature after the six-month grace period remain separately insured until they mature.
- Time deposits that mature during the six-month grace period and are renewed for the same time period and the same dollar amount as the original deposit (with or without accrued interest added to the principal amount), will continue to be separately insured until the first maturity date after the expiration of the six-month period.
- Time deposits that mature during the six-month grace period and are renewed for a different dollar amount or a different time period (even if Santa Cruz County Bank does not offer CDs for the original time period), or time deposits that mature within the first six months and are not renewed and thereby become regular savings or demand deposits, are separately insured only until the end of the six-month period.
Q. Once the six-month grace period has expired, I will have more than $250,000.00 on deposit and want it all to be FDIC insured, what are my options?
The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. Deposits held in different ownership categories are separately insured up to at least the $250,000 each. Designating beneficiaries can also increase coverage. For example, a revocable trust account including POD accounts.
1st Capital Bancorp (FISB) Stock Exchange Questions
Q. What do I need to do to exchange my 1st Capital Bancorp stock for West Coast Community Bancorp stock?
If your shares are held in a brokerage account, your shares will automatically be exchanged for 0.36 shares of West Coast Community Bancorp common stock. No fractional shares of West Coast Community Bancorp stock will be issued. Instead, you will receive an amount in cash (without interest), rounded to the nearest cent, equal to the value of your fractional share interest.
If your shares are held in certificate form, you will receive a package by mail from Computershare, our Stock Transfer Agent, with instructions on how to exchange your shares. 1st Capital Bancorp shareholders with stock certificates will need to complete the Letter of Transmittal included in the package and return their 1st Capital Bancorp stock certificate(s) by mail to Computershare for the exchange to West Coast Community Bancorp stock.
Q. I cannot find my 1st Capital Bancorp stock certificate. What do I do?
If you cannot locate some or all of your certificates, please complete the Lost Securities Affidavit which is included within the aforementioned packet of material you will be receiving by mail from Computershare, our Stock Transfer Agent.
If your shares are held in a brokerage account, there is nothing you need to do.
Q. What is the exchange rate for exchanging 1st Capital Bancorp shares for West Coast Community Bancorp shares?
As a result of the merger, each 1st Capital Bancorp share has been cancelled and automatically converted into the right to receive the per share merger consideration consisting of 0.36 of a share of West Coast Community Bancorp common stock. No fractional shares of West Coast Community Bancorp stock will be issued. Instead, you will receive an amount in cash (without interest), rounded to the nearest cent, equal to the value of your fractional share interest.
Q. Where can I call with questions about the package I received from Computershare?
You may direct any questions regarding the Letter of Transmittal to Computershare at (800) 546-5141.
You can also send an email to investorrelations@sccountybank.com
Q. Is the exchange of 1st Capital Bancorp stock for West Coast Community Bancorp stock a taxable event?
A description of the Merger Agreement was included in the 1st Capital Bancorp and West Coast Community Bancorp joint Proxy Statement/Offering Circular dated August 8, 2024 that was mailed under separate cover to 1st Capital Bancorp shareholders on or about August 12, 2024. You should read this carefully and in its entirety. For certain information regarding the federal income tax consequences of the merger, see “Material Federal Income Tax Consequences” on pages 82 and 83 of the Joint Proxy Statement/Offering Circular, an excerpt of which is provided below:
Characterization of the Merger for Federal Income Tax Purposes. West Coast Community Bancorp (SCZC) and 1st Capital Bancorp (FISB) intend that the merger qualify as a "reorganization" within the meaning of Section 368(a) of the Code. Each recipient of this joint proxy statement/offering circular should consult his, her, or its tax advisor as to the United States federal income tax consequences to West Coast Community Bancorp, 1st Capital Bancorp and to such recipient if the merger does not qualify as a "reorganization." For purposes of the discussion that follows, it is assumed that the merger will qualify as a "reorganization."
Tax Consequences of the Merger for West Coast Community Bancorp and 1st Capital Bancorp. No gain or loss will be recognized by West Coast Community Bancorp or 1st Capital Bancorp as a result of the merger.
Tax Consequences of the Merger for U.S. Holders of 1st Capital Bancorp Common Stock. A U.S. holder that exchanges shares of FISB common stock for the per share merger consideration, i.e., a combination of SCZC common stock and cash, will recognize gain (but not loss), determined separately for each identifiable block of shares of FISB common stock (generally, FISB common stock acquired at the same cost in a single transaction) that is exchanged in the merger, equal to the lesser of; (i) the excess, if any, of the amount of cash for fractional shares plus the fair market value of any SCZC common stock received in the merger, over such U.S. holder’s adjusted tax basis in the shares of FISB common stock surrendered by such U.S. holder in the merger and (ii) the amount of cash for fractional shares received by such U.S. holder in the merger.
A U.S. holder's aggregate tax basis in the SCZC common stock received by such U.S. holder in the Merger will equal such U.S. holder’s aggregate tax basis in the FISB common stock surrendered in the merger, increased by the amount of taxable gain or dividend income (discussed below), if any, recognized by such U.S. holder in the merger, and decreased by the amount of cash for fractional shares received by such U.S. holder in the merger. The holding period for the shares of SCZC common stock received in the merger will include the holding period for the shares of FISB common stock exchanged therefor.
Q: What is the tax basis on the exchange of 1st Capital Bancorp for West Coast Community Bancorp shares?
As required by IRS regulations, we have filed a Form 8937 with the IRS in conjunction with the following organizational action: West Coast Community Bancorp (SCZC) acquired 1st Capital Bancorp (FISB) effective October 1, 2024 for common stock and cash in lieu of any fractional shares. Holders of 1st Capital Bancorp stock should consult their tax advisors for additional information or with any questions.
