LawFuel.com – Law Firm Newswire – Golden Pacific Bancorp, Inc.’s approval to become a bank holding company and acquisition of Gold Country Bank, NA is one of only a few to be approved by Federal Reserve in 2010
SAN DIEGO (May 13, 2010) – Luce, Forward, Hamilton & Scripps LLP, a prominent California law firm with a national reputation, today announced its representation of Golden Pacific Bancorp, Inc. in the bank’s recent capital raising efforts and its acquisition of Gold County Bank, NA. Golden Pacific’s approval to become a bank holding company is one of the first, as well as one of a limited number, of such approvals to be granted by the Board of Governors of the Federal Reserve System in 2010.
“Only so many mergers like this will be approved and take place this year, and Luce Forward was able to work with us to successfully execute the proper paperwork and identify the necessary resources to make it happen,” says Kirk N. Dowdell, CEO of Golden Pacific. “The Luce Forward team did a wonderful job in what will be considered a landmark merger in 2010.”
The Luce Forward team was led by the firm’s Managing Partner Kurt Kicklighter, Senior Associate Chad Ensz, and Associate Phenix Kiamilev.
Golden Pacific closed a $12 million private placement offering of its common stock to certain accredited investors. Within hours later, Golden Pacific also closed a deal to acquire Gold Country Bank through a merger with Gold Country Financial Services, Inc., the parent company of Gold Country Bank. The merger transaction retained the existing Gold Country shareholders in Golden Pacific, the surviving corporation, by exchanging their Gold Country stock for Golden Pacific stock.
The issuance of the stock as part of the merger was qualified for issuance in the State of California and approved after a public fairness hearing before the California Department of Corporations in Sacramento earlier this year. The acquisition of Gold Country Bank involved obtaining approvals from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, for several matters, including new management for the bank, a new business plan for the bank, the addition of a new branch to the bank and for Golden Pacific to become a bank holding company.
Luce Forward attorneys Jason Femrite, Phil Jelsma, Karl Rand, Kate Hong and Micah Parzen also assisted with various aspects of the transactions.
Founded in 1873, Luce, Forward, Hamilton & Scripps LLP is a full-service California law firm with offices in San Diego, San Francisco, Carmel Valley/Del Mar, Los Angeles, Orange County, and Rancho Santa Fe. For more information, visit www.luce.com.
Additional information about Golden Pacific Bancorp, Inc. and Gold Country Bank, N.A. can be found on their respective websites at http://goldenpacificbancorp.com/ and http://www.goldcountrynb.com/default.asp, respectively.