SAN DIEGO, Jan. 2, 2008 (PRIME NEWSWIRE) -- 1st Pacific Bancorp (OTCBB:FPBN), the holding company for 1st Pacific Bank of California, today announced that its common stock will begin trading on the NASDAQ Global Market on Thursday, January 3, 2008, under the ticker symbol FPBN. 1st Pacific Bancorp stock will cease trading on the OTC Bulletin Board.
"1st Pacific meets or exceeds the financial, liquidity and corporate governance requirements for listing on the NASDAQ Global Market. We believe that the move to NASDAQ will create greater liquidity, efficiency and transparency in the marketplace, increase institutional sponsorship and improve public visibility," stated Vincent Siciliano, president and chief executive officer of 1st Pacific Bancorp.
The NASDAQ Global Market includes approximately 1,470 companies. Formerly called the NASDAQ National Market, this market was renamed in 2006 to reflect the increasing globalization of NASDAQ-listed companies.
About 1st Pacific Bancorp
1st Pacific Bancorp is the holding company for 1st Pacific Bank of California, San Diego's leading local business bank. The bank offers a full complement of business products and services to meet the financial needs of professional firms, small- to mid-sized businesses, their owners and the people who work there. Including its recent acquisition of Landmark National Bank, 1st Pacific Bank has a total of seven banking offices located in San Diego County: one each in the University Towne Center area, the Tri-Cities area of Oceanside, Mission Valley, the Inland North County, El Cajon, La Jolla Village and Solana Beach. For additional information, visit the company's website at www.1stpacbank.com.
Safe Harbor Statement. This news release contains comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors, referred to from time to time in filings made by 1st Pacific Bancorp with the Federal Reserve Board. 1st Pacific Bancorp undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.