Pacific Coast Bank
111 Front Street, Dana Point, CA 92136
“The Financial Heart of South Orange County”
From Nancy Brock, March 1st, 2011
TO: Pacific Coast Bank Vice Presidents and Divisional Managers
SUBJECT: Attendance of members to an upcoming bank
We would like to bring to your attention that the meeting that was scheduled to take place on April 8, 2011, is still on. It is scheduled to take place at 68 Jefferson Street in Boston commencing at 3:00 p.m. As you all know, the main agenda of the meeting is to get the go-ahead to convert the Pacific Coast Bank (PCB) from its original state, Federal Savings Bank to a state-chartered savings bank whose regulation is the CA Commissioner of Banks.
The Board Chairman and CEO, Charles Wilson, has recently issued all members of the bank with an invitation letter to the meeting. In the letter, he mentioned to the members the decision of changing our bank status alongside the proposition of merging our bank with the Harbor State Bank in Irvine.
The bank members may inquire from you about the contents of these two issues as well as their attendance at the meeting. Since this is a delicate matter, all members and stakeholders should be involved in decision making and therefore, you are all required to give the members the correct information on the issue.
In addition, you are requested to inform all the bank members to attend the meeting, just as they do to all annual meetings, in case they inquire on the same form you. Based on this decision, bank members are not required to send their proxy but rather give their views directly on the matter during the meeting.
However, if by any chance the members are not able to attend the meeting, you are required to inform them that they must send in their proxy before the meeting date. They should do this by signing the signature card or by issuing the special form before the end of January.
Since the meeting is merely a few weeks away, we have decided to give an insight into the points to be discussed during the meeting. Since we always give our customers priority, we are planning on keeping all the customer’s positions in the bank after converting it to a state charter. Both borrowers and depositors will still be considered members of the bank and as a result, will be involved in all decision-making processes and control of the bank.
We are looking forward to achieving these objectives as soon as possible to better serve our customers.
Thank you for your cooperation in this matter.