This strategic merger creates opportunity and growth, allowing us to better serve our community with an increased lending limit, access to a broader range of products and services, and a more expansive geographic footprint. We will continue to be heavily involved in the community as well as the revitalization of Downtown Olympia.
For complete details on the merger, we invite you to read the following press release: Commencement Bank (CBWA) Announces Successful Completion of Merger with Thurston First Bank
(Released November 1, 2016)
Tacoma, Washington – Commencement Bank (OTCQX “CBWA”) is pleased announce the successful completion of its strategic merger with Olympia-based Thurston First Bank. The proposal was accepted by all necessary agencies in September 2016 and approved by both banks' shareholders on October 26, 2016. The Bank officially combined the morning of November 1, 2016.
Both Thurston First and Commencement now operate under one charter with Thurston First acting as a division of Commencement Bank. The Thurston First Bank name will remain for at least twelve months, at which time the name continuance will be evaluated by executive management and board of directors.
"I am honored to serve as the President and CEO of the combined Bank," said H.R. Russell. "Thurston First and Commencement are both exemplary community banks and, by joining together, we are better positioned to serve our current and future clients."
Management and Governance
The new board of directors is comprised of four Thurston First and seven Commencement members with Commencement Chairman, Thomas A. Valentine, retaining his position. In addition, the new Bank will establish a Thurston County-based advisory board to represent the needs of the community. Jim Haley, President and CEO of Thurston First and Tom Dhamers, who assumed the position of Chief Financial Officer for the combined Bank, joined the existing CBWA Executive Management Team. As outlined in the merger agreement, H.R. Russell is President and CEO of CBWA and remains one of the 11 board members.
Commencement Bank trades all stock on the OTCQX Banks Marketplace under ticker symbol CBWA. Thurston First Bank shareholders will receive 0.9024 shares of CBWA common stock in exchange for each share of Thurston First common stock. All fractional shares will be exchanged for a cash payout. Terms of the exchange are as outlined in the definitive agreement. The shareholders of the combined Bank now benefit from a larger shareholder base, and Thurston First shareholders have the added value of a consistent trading platform, increased liquidity, and accessible market data.
For the next several months, the Bank will work on consolidating the best of their products and services to deliver the highest possible value to their customers. By late March 2017, the Bank expects all systems and operations to be centralized to create a uniform customer experience. For now, the Bank urges customers to continue with their daily banking as usual with the added benefit of access to all branches.
About Thurston First Bank
Thurston First Bank, headquartered in Olympia, Washington, was founded in 2004 and designed to provide businesses and professionals with knowledge and resources of innovative banking solutions that did not previously exist in Thurston County. It has earned an excellent reputation for integrity, personalized service, technology-based solutions, and a highly valued base of exceptional clients and partners. As a local bank, it is committed to promoting social and cultural growth by reinvesting in the community.
About Commencement Bank
Commencement Bank, headquartered in Tacoma, Washington, was formed in 2006 to provide traditional, reliable, and sustainable banking in Pierce County, South King County and the surrounding areas. The team of experienced banking experts focuses on personal attention, flexible service, and building strong relationships with customers through state of the art technology as well as traditional delivery systems. As a local bank, Commencement Bank is deeply committed to the community. For more information, please visit www.commencementbank.com. For information related to the trading of CBWA, please visit www.otcmarkets.com.
Contact Information: Hal Russell, President & CEO, 253.284.1801