Trans Pacific Bancorp Shareholders Approve Agreement with TRP Acquisition Corp

Business Wire, Dec 20, 1996

SAN FRANCISCO--(BUSINESS WIRE)--Dec. 20, 1996--At a special meeting of the shareholders of Trans Pacific Bancorp (NASDAQ Bulletin Board:TPAE), the shareholders approved and adopted the Agreement and Plan of Merger, dated Oct. 18, 1996 by and between Trans Pacific Bancorp and TRP Acquisition Corp., a bank holding company in organization led by Chicago banker Denis Daly, Sr.

The closing of the merger transaction is still subject to approval of regulatory authorities, but is expected to close in the first quarter of 1997. Under the terms of the Agreement and Plan of Merger, each outstanding share of Trans Pacific Bancorp will be converted into the right to receive $8 in cash at closing, plus possible payments of up to $0.61 per share following the resolution of certain pending contingencies.

Trans Pacific National Bank began operations in 1984 and has been engaged in providing banking services and international trade transactions for clients in the San Francisco Bay Area. The Bank currently operates in San Francisco and Alameda. It has extensive international trade relationships in the Pacific Rim and throughout the world. As of Sept. 30, 1996, Trans Pacific Bancorp had total assets of $73 million, total deposits of $65 million, and total equity of $6.9 million.

CONTACT: Trans Pacific Bancorp

Eddy S.F. Chan, 415/543-3377