Shareholders of California-based Santa Cruz County Bank and Lighthouse Bank approved the agreement and plan of reorganization and merger whereby Lighthouse Bank will merge with and into Santa Cruz County Bank.
More than 91% of shares voted by Lighthouse Bank shareholders were in favor of the merger. Of the shares voted by Santa Cruz County Bank shareholders, over 98% were in favor of the transaction, according to a news release.
In addition, Santa Cruz County Bank has received all regulatory approvals for the merger, which is expected to close Oct. 18.
As previously disclosed, Lighthouse Bank directors John Burroughs, Stephen Pahl, Craig French and James Weisenstein will join Santa Cruz County Bank's board once the merger closes. Santa Cruz County Bank's total assets will increase to nearly $1 billion on a pro forma basis when the transaction is completed.
