SAN DIEGO -- Landmark National Bank and Legacy Bank, N.A. have received federal regulatory approval for a plan of reorganization and merger, according to Martin Dickinson, president and chief executive officer of Legacy Bank and Ron Carlson, chairman and chief executive officer of Landmark National Bank. Approval for the merger came from the U.S. Office of the Comptroller of Currency which charters, regulates, and supervises national banks. The merger is still subject to approval by the shareholders of both La Jolla-based banks. Shareholders meetings for both institutions are set for July 12.
According to Dickinson and Carlson the merger should be completed by the end of July 2005. "We expect this to be a smooth transition with minimal impact on our customers and their banking business," said Carlson. The banks will operate under the Landmark National Bank name with Carlson as chief executive officer and chairman and F.J. "Rick" Mandelbaum, current president of Landmark National Bank assuming the same role for the merged institution.
The combined assets of the banks will total more than $110 million. The banks will merge their La Jolla offices into the Landmark National Bank office on Ivanhoe Avenue in La Jolla as soon as possible following the merger. Landmark National Bank also operates a banking office in Solana Beach.
Legacy Bank, N.A. President and CEO, Martin C. Dickinson, Chairman, Christopher McKellar and Directors Vincent Benstead and Catherine Nicholas will remain as members of the board of directors of the combined institution. About Landmark National Bank Landmark National Bank offers traditional full-service banking to individual customers, professionals and small- and medium-sized businesses. In addition to a variety of deposit accounts, the bank offers a mix of loan products that include business and professional loans, as well as Small Business Administration loans and consumer, installment, home equity, construction and real estate loans. Landmark National Bank's headquarters are located at 937 Lomas Santa Fe Drive (I-5 and Lomas Santa Fe Drive) in Solana Beach.
Hours are Monday through Thursday, 9 a.m. to 5 p.m., and Friday, 9 a.m. Call (858) 509.2700 or (800) 509.4008. The La Jolla office is at 7817 Ivanhoe Avenue in La Jolla.
Hours are Monday through Thursday, 9 a.m. to 5 p.m., and Friday, 9 a.m.
Call (858) 332.1000. For more information, contact info@landmarknationalbank.com, or visit http://www.landmarknationalbank.com/. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities. Any such offer or solicitation would be made only by a Prospectus.
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with the Office of the Comptroller of the Currency.
Published At: Construction Loans http://www.modelsloan.comPermanent Link: http://www.modelsloan.com/news/turning-point-national-bank-and-heritage-bank-regulatory.html
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