Stockholders OK $10.65-Million Merger of Ventura County Banks
Conejo Valley National Bank was acquired by Ventura County National Bancorp after shareholders for both institutions approved the $10.65 million stock deal at separate meetings in Camarillo.
VCNB president William McAleer said the two publicly held entities, which cater heavily to business customers, will have a combined net worth of about $11.5 million and combined assets of about $155 million.
The merger has won all necessary regulatory approvals, he said.
Together VCNB and Conejo have 141 employees, and McAleer said no layoffs are planned. Officials said Conejo will operate as a wholly-owned subsidiary of VCNB, which will pay 1.4 shares of its stock for each of the roughly 585,000 outstanding shares of Conejo.
VCNB, whose main operating unit is Ventura County National Bank, is based in Oxnard and has branches in Ventura, Camarillo, and Thousand Oaks. Conejo, based in Thousand Oaks, has branches in Westlake Village and Camarillo.
McAleer said it is too early to say whether any branches will be closed, but added that he hopes to expand eventually into Simi Valley.
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