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First Choice Bank gets shareholder, regulatory approvals for holdco formation

Cerritos, Calif.-based First Choice Bank has received all the necessary shareholder and regulatory approvals for the formation of its holding company.

The restructuring is expected to be completed Dec. 21, wherein the bank will become a unit of First Choice Bancorp.

Shareholders will receive 1 common share of the holding company for each common share of First Choice Bank they hold.