Amplicon Becomes Bank Holding Company
Amplicon Inc., a Santa Ana computer equipment leasing company, said it has reorganized itself into a bank holding company called California First National Bancorp.
CalFirst, in turn, now owns the Amplicon business as well as California First National Bank, which it acquired. It invested $20 million in the bank so it could begin operations.
The reorganization was structured under a state law that does not require action by Amplicon’s stockholders, whose rights, privileges and interests remain the same in CalFirst. The change is tax-free to Amplicon stockholders.
CalFirst stock is scheduled to begin trading today on Nasdaq under a new ticker symbol, CFNB. Amplicon stock rose 21 cents to close at $11.18 on Nasdaq.
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