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
Online and Mobile Banking Communications
Remote Deposit Capture Users Letter – December 12, 2024
Quicken and Quickbooks Conversion Instructions
Client Letters – December 11, 2024
Online and Mobile Banking Personal Client Letter
Online and Mobile Banking Business Client Letter
Online and Mobile Banking Business and Personal Client Letter
Client Letters – December 4, 2024
Online and Mobile Banking Personal Client Letter
Online and Mobile Banking Business Client Letter
Online and Mobile Banking Business and Personal Client Letter
Client Letters – December 2, 2024
Online and Mobile Banking Personal Client Letter
Online and Mobile Banking Business Client Letter
Online and Mobile Banking Business and Personal Client Letter
Other Merger Communications
Client Letter – November 22, 2024
Merger Closing Announcement – October 1, 2024
Client Letter – October, 1, 2024
Shareholder Approval Announcement – September 24, 2024
Merger Announcement – May 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
BUSINESS SERVICES
How will my Remote Deposit Capture be impacted?
Remote Deposit Capture (RDC) users will access the system through a direct link: https://ipabcprod.fiservsco.com/WebCaptureWeb/. We recommend that you save and bookmark this important RDC link. Your RDC login credentials will not change.
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.
Are lockbox services available at Santa Cruz County Bank?
Yes. Please contact your relationship manager to discuss these services.
QUICKEN AND QUICKBOOKS
What will happen to my Quicken, QuickBooks or another third-party app connection?
Action on your part is required to ensure a smooth transition of your QuickBooks or Quicken software. You will need to re-establish the connection between online banking and your third-party applications such as Quicken and Quickbooks.
The conversion instructions and links in this Quicken and Quickbooks section reference two Action Dates.
1st Action Date: Friday, December 13, 2024
2nd Action Date: Monday, December 16, 2024
What do I need to do before the 1st Action Date, Friday, December 13, 2024?
Complete a data backup, a final transaction download and deactivation of 1st Capital Bank accounts by December 13, 2024.
What do I need to do Monday, December 16, 2024 (2nd Action Date) after the conversion has been completed?
- Follow the steps in the conversion instructions, links below.
- Clients who do not use Express Web Connect can reactivate their accounts on December 16, 2024.
- Clients who use Express Web Connect must wait to reactivate their accounts until December 23, 2024.
Quicken and QuickBooks Conversion Instructions
Intuit aggregation services may be interrupted for up to 5 business days. We recommend you download a QFX/QBO file to reference during this time.
The following services may be unavailable during this time:
- Quicken Win/Mac Express Web Connect
- QuickBooks Online Express Web Connect
Carefully review your downloaded transactions after completing the conversion and migration instructions to ensure no transactions were duplicated or missed on the register.
For assistance, email ebanking@sccountybank.com or call 831.600.4060, Monday – Friday, 9am – 5pm PST.
ONLINE BANKING, BILL PAY AND MOBILE BANKING
How should I prepare for downtimes prior to the systems integration?
Schedule your online, bill payment and mobile banking needs around the planned transition time.
How will I access my accounts through mobile banking?
Your 1st Capital Bank Mobile Banking app will be discontinued on Friday, December 13, 2024, after 1:00pm PST.
- On Monday, December 16, 2024, look for and download the Santa Cruz County Bank mobile banking app from the App Store or Google Play, that matches the image shown below.
- If you have not already logged in through online banking, you must do so before you access the Santa Cruz County Bank mobile application.
- Then, log in with your Santa Cruz County Bank online banking login ID and password.
How will I access my accounts through online banking?
Before you can access your accounts, update your browser to the most recent version of Google Chrome, Mozilla Firefox, Apple Safari or Microsoft Edge. We recommend you update your browser to the latest version available to ensure compatibility and to enhance security.
Locate and enter your current login ID and password manually during your initial login to your new online and mobile applications. After initial login, you will be prompted to create a new password. Each designated user for your business will be prompted to create a new password after their initial login. As an added layer of security, users will be sent a one-time secure access code via phone call, text message or email for authentication purposes.
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 TransferNow be affected?
TransferNow went offline beginning December 6, 2024. If you need immediate assistance, please contact your local branch to assist you with a wire transfer. On December 16, 2024, existing TransferNow users can reestablish their accounts and transfers. Follow the instructions in the External Transfer Guide located on the Education Center page for Personal Banking.
Will my bill payments be automatically transferred?
Your payment history and the payees that you currently have set up through 1st Capital Bank will transfer over to Santa Cruz County Bank’s Bill Pay service.
Will my Business bill payments be automatically transferred?
Recurring transactions will need to be rescheduled, with the exception of Bill Pay. The Bill Pay payees that you currently have set up through 1st Capital Bank and all of your transaction history will transfer over to Santa Cruz County Bank’s Bill Pay service. Scheduled and recurring ACH, wire and internal transfers will need to be rescheduled. Please review the conversion schedule, in the client letter dated December 2, 2024, prior to December 13, 2024 and plan accordingly to ensure no disruption to recurring transactions including payroll.
Will there be any changes to Zelle™ (P2P payments)?
Zelle™ limits will change to $1,000 per day and $3,000 per month.
Will I need to re-establish my external transfers set up in online banking?
Make a note of external transfers and external accounts connected to your online and mobile banking. After Monday, December 16, 2024, you will need to re-establish external transfers and external accounts through the new online and mobile applications.
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.
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.
How will card management (My Cards) be impacted?
My Cards will be offline beginning Monday, December 9, 2024. You will have access to card management on Monday, December 16, 2024, at which time you will need to reset any existing alerts and card controls as they will not transfer over.
What will happen to my Business CardValet, card management for my debit card(s)?
Business CardValet will be offline beginning Monday, December 9, 2024. You will need to re-enroll in CardValet on Monday, December 16, 2024 and set up any desired alerts and card controls as they will not be transferred over.
Will daily debit card limits change during conversion (December 13–15, 2024)?
Your daily debit card limit(s) will be temporarily lowered starting Friday, December 13, 2024, at 5pm through Monday, December 16, 2024, at 5am. During this time period, limits for debit card point of sale transactions will be $500 per day and ATM withdrawal limits will be $100 per day. Please note that these limits will reset each day. Beginning at 5am on Monday, December 16, 2024, your card(s) will reset to regular limits.
GENERAL
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.
MERGER DETAILS
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 above.
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.
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.
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.
