Heritage Oaks Bancorp Completes Acquisition of Mission Community Bancorp

Heritage Oaks Bancorp Completes Acquisition of Mission Community Bancorp

  • Posted: 03/4/2014
  • Castle Creek

PASO ROBLES, Calif.–(GLOBE NEWSWIRE)–Heritage Oaks Bancorp (Nasdaq:HEOP) (the “Company”), the holding company for Heritage Oaks Bank (the “Bank”), announced that it completed the acquisition of Mission Community Bancorp (“Mission Community”) on February 28, 2014 as planned. With the completion of the merger, Heritage Oaks Bank now has approximately $1.6 billion in assets and operates 17 full service branches from Paso Robles to Santa Barbara, as well as loan production offices in Goleta and Oxnard. Simone Lagomarsino, President and CEO of the Company and the Bank, said “The merging of Mission Community Bank into Heritage Oaks Bank combines the best features of two long-time community banks into the largest community bank headquartered on the Central Coast of California. Over the next six months we will consolidate several of the branches and complete the integration of the two banks, which will position Heritage Oaks well for future growth and profitability.”

The Company also announced that two new Directors, Howard N. Gould and Stephen P. Yost, have been appointed to the Board of Directors of the Company and of the Bank, effective March 10, 2014. Messrs. Gould and Yost join the Board as previously announced under the terms of the Company’s acquisition of Mission Community, where they served on the Mission Community Board of Directors.

Mr. Gould served on the Board of Directors of Mission Community since 2008. Mr. Gould has served as the Vice Chairman of Carpenter & Company since 2005, and as a Managing Member of Carpenter Community BancFunds, which is now a major shareholder of the Company as a result of the merger with Mission Community. He has also served as a Director of Bridge Capital Holdings, Inc., San Jose, California since 2008. Mr. Gould served as Vice Chairman and Chief Operating Officer of United California Bank, formerly one of California’s largest banks, and he has held numerous bank director positions. He formerly served under two Governors as Commissioner of the California Department of Financial Institutions

Mr. Yost served on the Board of Directors of Mission Community since 2010. He has extensive banking experience, currently serving as the principal at Kestrel Advisors, a credit risk management consulting company and on the boards of two other banks. He also formerly served as Chief Credit Officer at Comerica Bank.

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