Business
First Commerce Bank Announces Completion of Holding Company Reorganization
First Commerce Bank Announces Completion of Holding Company Reorganization.
About this update from First Commerce Bancorp Inc.
[{"type":"text","content":"LAKEWOOD, NJ / ACCESSWIRE / June 1, 2023 / First Commerce Bank ("Bank") and First Commerce Bancorp, Inc. (the "Holding Company") (OTC PINK:CMRB) today announced that they have completed the Bank's reorganization into a bank holding company structure, effective the close of business on May 31, 2023.As a result of the completion of the reorganization, the Bank is now the wholly owned subsidiary of the Holding Company. Each issued and outstanding share of common stock of the Bank will be exchanged for one share of common stock of the Holding Company. Shareholders of the Bank own the same percentage of common stock of the Holding Company as they owned in the common stock of the Bank immediately before the reorganization. The common stock of the Holding Company now trades under the Bank's former ticker symbol, "CMRB".Shares of Bank common stock held in a brokerage account or solely in electronic "book entry" form through the Bank's transfer agent, Computershare, will automatically be converted to shares of common stock of the Holding Company with no further action required by the shareholder. However, any shareholder who holds some or all of their shares in certificate form will receive, by regular mail, a letter of transmittal that can be used to submit certificates to be exchanged for shares of Holding Company common stock. It is currently anticipated that the mailing of these materials will commence Monday, June 5 or Tuesday, June 6. Shareholders will exchange their Bank common stock certificates for electronic "book entry" account statements through the Bank's transfer agent, also called "Direct Registration Statements," evidencing shares of the common stock of the Holding Company.About First Commerce BankEstablished in 2006 and headquartered in Lakewood, New Jersey, the Bank has offices in Allentown, Bordentown, Closter, Englewood, Fairfield, Freehold, Lakewood, Montvale, Robbinsville and Teaneck, New Jersey, with a new office in Jackson anticipated to open soon. The Bank provides businesses and individuals with a wide range of loans, deposit products and retail and commercial banking services. For more information, please go to www.firstcommercebk.com.Forward-Looking StatementsThis release contains forward-looking statements regarding the Bank's prospective performance...