Trans Pacific Bancorp Merger Completed

Business Wire, March 17, 1997

SAN FRANCISCO--(BUSINESS WIRE)--March 14, 1997--Trans Pacific Bancorp (NASDAQ Bulletin Board:TPAE) and TRP Acquisition Corp. announced today that their merger has been completed with Bancorp remaining as the surviving corporation wholly owned by the shareholders of TRP Acquisition Corp.

Under the terms of the merger, each share of Trans Pacific Bancorp common stock outstanding prior to the merger has been converted into the right to receive, upon surrender of the shares, a payment of $8.19 per share. A remaining $0.42 per share will be held in escrow pending resolution of certain contingencies. Shareholders will be receiving conversion instructions via mail.

Denis Daly, Sr., President and Chief Executive Officer of Bancorp, stated: "We are pleased with our acquisition of Trans Pacific Bancorp, a fine organization with talented people. The two senior officers of Trans Pacific National Bank, Eddy S.F. Chan and John K. Wong, will continue to run the daily operations and to provide the same quality services as before."

Trans Pacific Bancorp's wholly owned subsidiary, 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 Trans Pacific area and throughout the world. As of December 31, 1996, Trans Pacific Bancorp had total assets of $77 million, total deposits of $68 million and total equity of $7.1 million.

CONTACT: Trans Pacific Bancorp

Denis J. Daly, 415/543-3377