Business & Real Estate

West Sacramento bank approves formation of holding company

West Sacramento-based Community Business Bank announced Friday that its board of directors has approved the formation of a holding company.

The company will be named CBBC Bancorp.

The banking firm, started in 2005, currently has offices in West Sacramento and Lodi.

Officials said the reorganization will include a share exchange in which common stock shareholders will receive one share of common stock in CBBC Bancorp for each share currently held. The bank hopes to finalize the reorganization by June 30.

Current executives and directors will remain in their current positions under the reorganization. Daily bank operations will not be affected.

“The creation of a holding company helps support our growth plans in a more flexible manner than we currently have available under our existing capital structure. It also allows us to better manage our capital levels to enhance shareholder value,” John DiMichele, CBBC CEO, said in a statement.

Mark Glover: 916-321-1184, @markhglover