Ojai Community Bank to Acquire Two Santa Paula Branches

Ojai, California, July 11, 2008 -- Ojai Community Bank announced today that it has signed a definitive agreement with Pacific Capital Bancorp, parent company of the Santa Barbara Bank & Trust brand, to purchase two retail branches located in Santa Paula. The offices are located at 948 E. Main Street and 537 W. Harvard Blvd.
 
Following the approval of regulators and the shareholders of Ojai Community Bank, the transaction is expected to close in the fourth quarter 2008.  Terms of the agreement were not disclosed.
 
"We are very pleased at this opportunity to expand our presence into the Santa Paula community, which perfectly aligns with our growth strategy of creating very small, local banks tied closely to their communities," said Donald Scanlin, Chairman of the Board of Ojai Community Bank. "Since we opened in 2005, we have demonstrated our ability as a local leader in community banking, and we are ready to expand that successful business model into the Santa Paula market. Our bank is a dedicated community partner with a demonstrated commitment to assisting local economic development and a wide range of nonprofit and civic organizations. We are looking forward to making that same contribution in Santa Paula."
 
"We plan to operate both branches under the name Santa Paula Community Bank, a division of Ojai Community Bank," said Shari Skinner, Ojai Community Bank President & CEO. "Customers of both offices will continue to be served by the same employees who will join our team at the time the transaction is final. We will provide the full range of consumers and small businesses with the very personal customer service that has defined Ojai Community Bank.  We are very excited about this opportunity and believe that it is a very positive move, both for our bank and for our new friends and neighbors in Santa Paula."
 
Ojai Community Bank is a full service, member FDIC, state chartered bank, located at 402 W. Ojai Avenue, Ojai California, (805) 646-9909, www.ojaicommunitybank.com

 

Ojai Community Bank Elects Donald Scanlin Chairman of the Board

Ojai Community Bank, headquartered in the Ojai Valley, announced today that Donald Scanlin was elected to serve as Chairman of the Board of Directors following its annual shareholders meeting held on May 24, 2008. Mr. Scanlin replaces John Russell who will move to the Vice Chairman position.

Mr. Russell commented that, “Don is a very knowledgeable real estate investor who has lived in Ojai with his wife Ann since 1979. His deep business experience together with his sensitivity to local needs will serve both the bank and our community well. We are very pleased to have Don at the helm and look forward to continued success and growth under his leadership.”

Russell served as Chairman of the Board during the initial planning stages of the bank through its first three years of operation. “We are very grateful for the dedication and strong leadership that John Russell has provided. His broad business knowledge and strong commitment to the creation of a community focused bank were major contributions to our success” said Shari Skinner, President and CEO.

Scanlin is a Ventura County native and holds both graduate and under-graduate degrees from the University of California. Originally trained as a petroleum geologist, he has focused his professional efforts primarily on real estate investing for over 30 years. He and his wife Ann have two children, both of which are graduates of Ojai schools and four grandchildren. Serving the community through membership in the Ojai Rotary Club for over 25 years, he has also been very active in many other local causes and organizations.

“Change is good” commented John Russell. “The bank has been a joy to help create during the past four years. However, much of the credit for our success to date must go to the knowledgeable and hard working team of employees who have made it happen. They are amazingly dedicated and talented and I am very proud to be associated with such a great group of people.”

The Ojai Community Bank recently celebrated its third anniversary as part of its annual shareholder meeting held at bank headquarters located a 402 West Ojai Avenue in Ojai. During that meeting, President Skinner presented an overview of the banks condition and invited questions and comments from the shareholders in attendance.

From its inception, Ojai Community Bank was designed to support and serve the local community. Since its opening three years ago, the bank has increased its assets nearly five fold to a benchmark of $50 million in March, 2008. Ojai Community Bank common shares are publicly traded on the over-the-counter bulletin board market under the symbol OJCB. Its web site is
http://www.ojaicommunitybank.com

 

Ojai Community Bank's Charitable Giving Program is a huge success!!!

For the third year, Ojai Community Bank is proud to contribute to local non profit organizations. Pictured here, Shari Skinner, President/CEO, presents checks to Don Buffon of the Humane Society, and  J.R. Jones of Help of Ojai, the two top recipients of the "Charitable Giving Campaign" for the 1st quarter of 2008.

When a customer opens an account with Ojai Community Bank, the Bank donates $25.00 to their favorite local charity.

This year, our goal is to donate more time and more money than last year, and last year we donated over 10% of our operating earnings. As the only locally owned bank in the area, Ojai Community Bank is committed to supporting local non profits and their efforts to enhance the lives of residents.

 

Ojai Community Bank Reports Strong Performance

Substantial asset and net earnings gains in 2007, by Ojai Community Bank, mark the health of this community-based bank. While 2007 saw turbulence in financial markets and a "falling from favor" of financial institutions, many local and regional banks performed well, according to John W. Russell, Chairman of the Board.

Ojai Community Bank was one of the sound performers in 2007. The Bank specializes in serving the financial needs of businesses and individuals of the local area. The Bank does not offer sub prime loans and has none of the liquidity or capital problems currently being experienced by some institutions. During and throughout 2007 the Bank steadily built deposits and loans, providing a sound base from which it can continue to support our region.

Total assets as of December 31, 2007 increased by 27.4%, to $45,662,000 from $36,632,000 at year end 2006. Operating earnings were up to $209,000 from $89,000 in 2006, increasing a substantial 135%. Gross loans, at year end were $25,849,000, 34.68% above gross loans ending 2006 at $19,201,000, while total deposits increased 33.22% to $35,314,000.

"Our steady growth and financial strength has positioned us to continue to focus on our customer base and reach out to serve our local economy in 2008," said Chairman Russell. "Recently, we were pleased to be notified that the California Independent Banker's Association has recognized our Bank as one of the Top Ten Performers of banks started since 2005."

Ojai Community Bank is a publicly traded company, traded under the symbol OJCB on the Over the Counter Bulletin Board (www.otcbb.com). Located at 402 W. Ojai Avenue, the Bank was created from a locally generated capital offering, and is primarily owned by Ojai Valley investors. Member FDIC.

OJAI Community Bank Announces Strong 3rd Quarter Results

NEWS FOR IMMEDIATE RELEASE

John Russell, Chairman of the Board, announced 3rd quarter results for Ojai Community Bank, stating "Our young bank, now two and one half years old, has increased assets from $36,632,000 at year end 2006, to $42,880,000 as of September 30, 2007. This growth represents a 5.67% rise in the quarter and an increase of 17.06% since year end 2006."

"Earnings increased 347.8% from $23,000 in the quarter ended June 30, 2007, to $103,000 in the quarter ending September 30, 2007, providing total earnings year to date of $161,000. We attribute the large increase in earnings to expansion of our loan portfolio, and continued local deposit growth", said Mr. Russell. "Net Loans increased from $19,655,000 on June 30, 2007, to $22,489,000 on September 30, 2007, a rise of 14.42% in the quarter. Our growth provides for greater efficiency and stronger earnings."

"The Board of Directors and Staff are pleased with the community support and response, which is reflected in our greatly improved earnings."

Ojai Community Bank is a full service state-chartered, FDIC insured bank, located at 402 West Ojai Avenue. Ownership is primarily comprised of local investors, and the Bank is publicly traded on the Over the Counter Bulletin Board (www.otcbb.com), under the symbol OJCB. Information on the Bank may be viewed at www.ojaicommunitybank.com.

OJAI Community Bank Reports Second Quarter Earnings

NEWS FOR IMMEDIATE RELEASE

John W. Russell, Chairman of the Board announces results as of June 30, 2007.

"We are pleased to report that as of June 30th, Ojai Community Bank has grown total assets to $40,577,549. Passing the 40 million mark reflects our increasing support from the community and local businesses", said Russell. "The quarter ending assets represent a 36.4% increase over June 30, 2006 totals of $29,740,000. We attribute some of the growth to the positive acceptance of our Charitable Giving Program. The bank has committed $25,000 per year to local non profits. Individuals and Businesses which open accounts with the bank may designate their favorite local non profit to receive a $25.00 donation per new account."

"The Bank continued to add to earnings in the second quarter, increasing year to date net profits to $57,830. This number compares favorably to June 30, 2006 year to date profits of $30,000, an increase of 92.76%. The Bank was formed in March 2005 by local leaders and financed by a public offering purchased primarily by community members. We have been gratified by the market response to our stock, which trades on the Over the Counter Bulletin Board (www.otcbb.com) under the symbol OJCB. Our initial offering price, adjusted for a split, was $8.00 per share, and the most recent sale on July 2, 2007 was at $15.00 per share."

John Russell, Chairman of the Board of Ojai Community Bank released first quarter earnings for 2007

NEWS FOR IMMEDIATE RELEASE

We are pleased to report both continued growth and profitability. Total assets as of March 31, 2007, grew to $37,628,688.00 an increase of 35% over last year at this time. Earnings for the quarter reflected a 191% increase over the prior year, rising from $12,489.78 for the quarter in 2006, to $34,978.27 for the like period in 2007. Contributing to these results is the fact that as the Bank grows, costs are spread over a larger base, and this greater efficiency continues to positively impact earnings.

Ojai Community Bank is a full service bank, serving the financial needs of individuals as well as small business, located at 402 W. Ojai Avenue, Suites 102 & 103, and the stock is traded on the Over the Counter bulletin board (www.otcbb.com) under the symbol ojcb.

OCB Assets Exceed $36 Million

John Russell, Chairman of the Board of Ojai Community Bank, released the final results of fourth quarter and year end. "We are pleased to announce that the Bank has achieved all major year-end goals for 2006. Since opening 22 months ago, the Bank has shown steady growth. With a fourth quarter profit of $7,839, we were able to end the year with $88,988 in operating profit. Our assets increased 44%, loans 63%, and deposits 72% this year. With a strong internally developed marketing program and continued community support, we expect strong performance in 2007.

The Bank opened March 3, 2005, after raising capital of $11 million, primarily from residents of the Ojai Valley. The assets grew to $36.6 million in 2006. The stock price reached $15.50 per share.

Ojai Community Bank is truly a community bank. Our employees average 25 years residence in the Ojai Valley and the Directors average 16 years. Our loans and deposits are almost exclusively from residents and businesses in the Ojai Valley. Our employees have an accumulated 407 years banking experience. All loan decisions are made locally. Over $30,000 has been donated again this year to non-profit organizations in addition to the time and energy given by the Directors, Officers, and Staff.

Shari Skinner, the President and CEO, continues her healing from breast cancer, and is looking forward to a full recovery. She sends her gratitude to the community for their continued support.

Ojai Community Bank is a full service, locally owned bank, traded on the Over the Counter Bulletin Board (otcbb.com), with the stock symbol OJCB.

Also, we have been able to move into the offices adjoining the Bank, at 402 W. Ojai Avenue, Suite 103, at the rear of the building. This allows us to abandon the office across the street, which was inconvenient and difficult to maneuver. In these new offices we have our Loan Department, Accounting Department, and a Board Room that will be made available, by appointment, for use by community organizations.

Ojai Community Bank Reports First Quarter Results, April 3, 2006

NEWS FOR IMMEDIATE RELEASE

Contact: Shari Skinner
              (805) 646-9909

John W. Russell, Chairman of the Board of Directors of Ojai Community Bank reported first quarter earnings today. "We are pleased to report that our young Bank has achieved a profitable first quarter. Following small losses in January and February of 2006, our operating profit of $29,260.00 in March recovered those losses and generated a net profit of $12,490.00 for the quarter."

"The end of March marked our thirteenth month of operation, and we are pleased with the results to date. We attribute achieving profitability to strong loan demand and local support. Our total loans as of March 31, 2006 were $15,575,000, and total assets were $27,826,000", said Mr. Russell.

Shari Skinner, President and CEO added: "In addition to reaching profitability, the Bank completed a five for four stock split for shareholders as of March 20, 2006. "Certificates for the additional shares were mailed April 3rd, and we are pleased to be able to reward our investors. Our Bank was capitalized through a private offering by the Board and Management of the Bank, and the majority of shareholders are local residents."

Ojai Community Bank is a full service bank, located at 402 West Ojai Avenue, Suite 102 and the stock is traded on the Over the Counter Bulletin Board (www.otcbb.com) under the symbol ojcb.

Ojai Community Bank Announces Stock Split

Ojai, CA, March 9 Ojai Community Bank, a full service bank celebrating its first anniversary, announced today that it has applied for, and is awaiting approval, of its application to the Department of Financial Institutions to split the Company's common stock on a "five for four" basis for shareholders of record on March 20, 2006. This stock split will be accomplished by issuing one new share of common stock for every four owned on the record date. If approved, the anticipated date for the issuance of the new shares is April 20, 2006, and shareholders entitled to fractional shares will receive a cash payment in lieu of issuance of fractional shares. Total common shares outstanding will be increased from 1,100,000 to approximately 1,375,000 shares.

John W. Russell, Chairman of the Board, said "The Bank has enjoyed strong support and growth during this first year of operation, and we have seen the share price rise more than 60% during this period. We are gratified by the enthusiastic response to our locally owned and managed bank, and consider this first anniversary to be an appropriate time to increase the total number of shares in the marketplace."

Ojai Community Bank provides financial services to the Ojai Valley and surrounding areas of Ventura County, California. Following an over-subscribed initial public offering, it first opened for business on March 3, 2005. As of February 28, 2006, total assets were $27,152,000, up from March 31, 2005 total assets of $14,788,000. The Bank also experienced growth in its loan portfolio, rising to $14,926,000 by February 28, 2006, including an increase of 26% in the first two months of 2006.

Shari Skinner, President said "I am very grateful for the strong support that the community has shown our Bank and am particularly proud of our highly qualified staff and the exceptional service it provides. A community owned and operated bank can be a significant advantage in addressing unique local needs. We place a high priority on being a supportive corporate neighbor to this special community, and our customers appreciate that support."

Ojai Community Bank shares are listed on the Over-the-Counter Bulletin Board (www.otcbb.com) with the stock symbol OJCB.

FORWARD LOOKING STATEMENTS

This press release includes forward-looking statements that are based on the current beliefs of the Bank's management as well as assumptions made by and information currently available to the Bank's management. All statements other than statements of historical facts included in this press release regarding the Bank's business strategy and plans and objectives of management of the Bank for future operations, are forward-looking statements. When used in this press release, the words "anticipate," "believe," "estimate," "except" and "intend" and words or phrases of similar meaning, as they relate to the Bank or Bank management, are intended to identify forward-looking statements. Although the Bank believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors could cause actual results to differ materially from the Bank's expectations ("cautionary statements") including, without limitation, receiving regulatory approval of the stock split; effecting the stock split on the anticipated effective and payment dates; future growth and revenues are lower than expected; competitive pressure among depositary institutions increases significantly; changes in the interest rate environment reduces interest margins; general economic conditions, either nationally or in the market area in which the Bank does business, are less favorable than expected; and other factors. Based upon changing conditions, if any one or more risks or uncertainties materialize, or if any underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Bank does not intend to update these forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Bank or persons acting on its behalf are expressly qualified in their entirety by the applicable cautionary statements.

Ojai Community Bank Reports 3rd Quarter Results, October 7, 2005

NEWS FOR IMMEDIATE RELEASE

Contact: Shari Skinner
              (805) 646-9909

John Russell, Chairman of the Board of Ojai Community Bank released September 30, 2005 results this week. Ojai Community Bank opened for business on March 3, 2005, after raising capital of 11 million dollars, primarily from residents of the Ojai Valley.

"We are pleased with the results of our young Bank", said Russell. "Our total assets as of September 30 were $26,809,230 and our deposits grew 56.21% in the three months from June 30 to September 30, to almost $17 million. Loans grew by 46.33% in the same period to over $5. million."

"The growth we have experienced occurred in all areas, consumers, small business, and construction. Community response to our Bank has been positive, and our stock price has increased from the initial offering of $10.00 per share. The Board and I look forward to continued growth."

Ojai Community Bank is a full service, locally owned Bank, traded on the Over the Counter Bulletin Board (otcbb.com) with the stock symbol ojcb.

Ojai Community Bank is located at 402 West Ojai Ave., Suite 102.

Ojai Valley News, November 17, 2004

The following article reprinted from the Ojai Valley News

New Bank Seeks Return to Roots

The office building on West Ojai Avenue originally built to house the Bank of A. Levy will soon return to its roots as a local bank.

The building, currently home to several local firms and Ojai Business Center, is in the process of renovation, and the board of the Ojai Community Bank in Organization hopes to open branch operations there by March of next year. (Because of state regulations the bank must be referred to with "in Organization" until final approval by the state Department of Financial Institutions). Administrative offices are already open across the street, at 311 W. Ojai Ave.

Shari Skinner, president and CEO of the bank and a member of the seven-person board, is excited about the prospect of a community bank run by people familiar with the valley.

"It'll be locally owned and the decisions will be made locally," said Skinner, who has long worked in the banking industry. She sees locally-managed banks as a great asset to a community like Ojai. "I started out in big banks and worked my way down so I could get closer to my customers and closer to my community," she said.

"If the decisions are made locally, and customers have the ability to sit down with a loan officer that's going to handle their loan - it's a positive thing. It's a strong support for the local economy." A public offering is already on the table for those wishing to invest in the community effort. "We're currently offering circulars out," said Skinner. "It's a public offering so all the people in the valley that want to participate will be able."

The seven-person board is comprised of Ojai notables and individuals with a vested interest in the valley. John Russell will chair the organization, with Don Scanlin as his vice-chair. Skinner will also be on the board, as well as Larry Wilde and Bill Sechrest. Dietrich Schmidt, former president of Saticoy company Petroseed, and Rob Rossi, an architect who helped bring Brooks Institute to west Ventura will round out the board. "It's a group of individuals that felt that a community bank is a very valuable part of the community," said Skinner. "We all came together and decided it would be a good idea."  The board has been working since last March to get the necessary approvals. A meeting was held last week with potential area investors, and Skinner said expectations and hopes are high. "There's a lot of excitement in the community," she said. The group is working now to raise the eight to ten million dollars needed for FDIC and DFI approval. Skinner also said that, while plans right now just call for a branch in Ojai, there is the possibility for expansion throughout the valley once the bank is stable and productive. Right now, though, the attention is focused on Ojai.

"We're very excited," said Skinner. "I do believe this is a good thing for the community."

Ojai Valley News, September 10, 2004

The following article reprinted from the Ojai Valley News

New local bank planned
Seven organizers propose local bank
By Jesse Phelps

Once the red tape clears, Ojai could be a little greener. Community-owned banking could soon be back in town.

Less than a year after Ojai Valley Bank merged into Mid-State Bank and Trust, plans for a proposed downtown financial institution are in the works. A group of seven valley and central coast residents filed applications with the California Department of Financial Institutions for approval to organize and with the Federal Deposit Insurance Corporation for federal deposit insurance, on May 17, for the proposed new Ojai Community Bank.

Organizers Rob Rossi, Donald Scanlin, Dietrich H. Schmidt, William B. Sechrest, John Russell, Shari Skinner and Larry Wilde would serve as board of directors for the proposed facility, which would share the Ojai Business Center building at 402 W. Ojai Avenue, the former location of Bank of A. Levy.

With the exception of Rossi, a San Louis Obispo resident on the board of another bank brought in for his banking expertise, the seven represent a cross-section of Ojai personalities, four with experience in banking. All are successful business people.

Scanlin, a real estate investor in real estate, and Rossi helped bring the Brooks Institute Film School to the Ventura Avenue area. Sechrest is an attorney, recently moved to Ojai from Dallas, Texas. "His areas of expertise are banking and real estate law," said Skinner.

Schmidt was the Chief Executive Officer of Petroseed, a company sold in l997. He then formed Magnum Seeds, retiring in 2004. He currently lives in Ojai, where he grows rice and walnuts. Wilde is co-owner of Coldwell banker, in partnership with Dennis Guernsey. Russell, a long-time business owner and proposed chairman of the board, helped successfully set up a bank near Los Angeles.

"The reason I got involved is because I had an excellent experience in the San Gabriel Valley," he said. "Cal State Bank was very successful, grew to about one billion dollars in assets in about 16 years. It was very fun and very profitable."

No timetable yet exists for the opening. Skinner, who would act as CEO and President should the bank be approved, said, "We have to go through a substantial regulatory process. We are just at the very beginning stages of making our applications for approval. Nothing can happen now until they are approved."

Skinner also has a distinguished history in the industry, most recently as the chief executive at Ojai Valley Bank. She said she gravitated naturally toward community banking as time went on and looks forward to resuming her work.

"I worked my way down from big banks. I am a community banker at heart," she said. From Crocker Bank, to the Los Angeles head office of Manufacturers Bank, to Santa Barbara Bank and Trust, "I was working my way down smaller banks each time. At Ojai Valley Bank, I worked my way down to a bank that was small enough that I could feel I was part of the community, know my customers and make a difference. That's who I am and why I'm really excited to do it again."

All the organizers feel the same desire to open a local, community owned bank, she said, which knows its patrons' needs. "There's something really special about a small bank run by people from the community. Decisions are made locally," said Skinner. "Any time a bank has a lot of offices, they have to standardize their procedures in all of them. A local bank can design policy for the community, knowing what's important to that community. Nothing wrong with branch banks, they just can't be individualized."

Russell and Skinner agreed that the organizing group is getting along very well and that it's been an enjoyable process so far. "I think this bank will be fortunate in having a terrific group of organizers, not only highly involved in the community, but of the highest integrity,"said Russell.

The group, Skinner said, is "very excited about bringing local banking back. We believe that the community would like to have it and we're looking forward to offering it."

Ojai Valley News, June 04, 2004

The following article reprinted from the Ojai Valley News

Bank Gets Approval

John Russell, chairman of the board, announced that approval has been received from the Department of Financial Institutions and FDIC to organize a new community bank. The bank will be headquartered in Ojai.

Asked about the planned bank, Russell stated, "The board of directors are a group of accomplished business people, and I am pleased to be a part of the formation of a community bank for Ojai. The other board members are Rob Rossi, Don Scanlin, Dietrich Schmidt, William Sechrest, Shari Skinner and Larry Wilde. The executive officers of the bank will be Shari Skinner, president and chief executive officer; Michelle Henson, chief credit officer; and Suzanne Lagos, chief financial officer."

Russell further explained that following issuance of a stock permit by the DFI that would allow the bank to commence its capital offering, upon completion of the bank's capital raising efforts, and upon receiving a license from the commissioner, the bank plans to open for business in the fourth quarter of 2004 or the first quarter of 2005.