CERRITOS, CALIFORNIA, July 02, 2018 (GLOBE NEWSWIRE) -- First Choice Bancorp (“First Choice”), the holding
company for First Choice Bank (the “Bank”), collectively referred to herein as “the Company”, welcomes four individuals currently
serving on the board of Pacific Commerce Bancorp (“Pacific Commerce”), as mutually agreed by First Choice and Pacific Commerce, to
serve on the Boards of First Choice and First Choice Bank following the merger pursuant to the terms of the merger agreement.
First Choice and Pacific Commerce have now agreed that Ms. Maria Salinas and Messrs. Max Freifeld, Thomas Iino and Luis Maizel
shall serve on the First Choice and First Choice Bank Boards of Directors upon the closing of the transaction which is anticipated
on July 31, 2018. In addition, upon the close of the merger transaction, First Choice expects that Mr. Freifeld will become a
Directors Loan Committee member, Mr. Iino will become an Audit Committee member, and Ms. Salinas will become a Compensation
Committee member.
Peter Hui, the Chairman of First Choice, welcomed the new Board members and stated “Our Nominating Committee met
with all of the Pacific Commerce directors and we were extremely impressed with every one of their directors. Our final
determination is a recognition of the three different banks that Pacific Commerce had brought together. We want to continue
to reach out to these constituencies and make certain that we bring them all into the First Choice family.”
About First Choice Bancorp
First Choice Bancorp is the registered bank holding company for First Choice Bank. First Choice Bank,
headquartered in Cerritos, California is a community-focused financial institution, serving diverse consumers and commercial
clients and specializing in loans to small businesses, private banking clients, commercial and industrial (C&I) loans, and
commercial real estate loans with a niche in providing finance for the hospitality industry. First Choice Bank is a Preferred Small
Business Administration (SBA) Lender. Founded in 2005, First Choice Bank has quickly become a leading provider of financial
services that enable our customers to grow, maintain strength, and achieve their business objectives. We strive to surpass our
clients’ expectations through our efficiency and professionalism and are committed to being “First in Speed, Service, and
Solutions.” First Choice Bancorp stock is traded on the Nasdaq Capital Market under the ticker symbol “FCBP”.
First Choice Bank’s website is www.FirstChoiceBankCA.com.
About Pacific Commerce Bancorp
Pacific Commerce Bancorp is the parent company for Pacific Commerce Bank. Pacific Commerce Bank operates six
full-service branches in Los Angeles and San Diego Counties, including its wholly owned division, ProAmérica Bank, in Downtown Los
Angeles. Pacific Commerce Bank provides a complete array of deposit, treasury, cash management and loan banking solutions to
small businesses, professionals and high net worth individuals from Los Angeles to the Mexico border. As a Preferred SBA Lender,
Pacific Commerce Bank provides a full complement of lending solutions to small businesses throughout Southern California. Pacific
Commerce Bancorp is publicly traded on the Over the Counter Market (OTC Pink) under the ticker symbol “PCBC”.
For more information please visit the website at www.PacificCommerceBank.com.
FORWARD-LOOKING STATEMENTS
Statements made in this release, other than those concerning historical financial information, may be considered
forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a
number of assumptions. These include statements as to the anticipated benefits of the merger, including future financial and
operating results, cost savings and enhanced revenues that may be realized from the merger as well as other statements of
expectations regarding the merger and any other statements regarding future results or expectations. Each of First Choice Bancorp
and Pacific Commerce Bancorp intends such forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for
purposes of these safe harbor provisions. The companies’ respective abilities to predict results or the actual effect of future
plans or strategies is inherently uncertain. Factors which could have a material effect on the operations and future prospects of
each of First Choice Bancorp and Pacific Commerce Bancorp and the resulting company, include but are not limited to: the businesses
of First Choice Bancorp and/or Pacific Commerce Bancorp may not be integrated successfully or such integration may be more
difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully
realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and
employee relationships and business operations may be disrupted by the merger; the ability to obtain required regulatory and
shareholder approvals, and the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or
costly than expected; changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal
policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve; the
quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for
financial services in the companies’ respective market areas; their implementation of new technologies; their ability to develop
and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines, and other risk factors
detailed from time to time. First Choice Bancorp and Pacific Commerce Bancorp undertake no obligation to update or clarify these
forward-looking statements, whether as a result of new information, future events or otherwise.
Additional Information about the Merger and Where to Find It
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or
a solicitation of any vote or approval.
In connection with the proposed transaction, First Choice has prepared and filed with the Securities and
Exchange Commission a registration statement on Form S-4 containing, among other things, a joint proxy statement/prospectus and
other documents with respect to the proposed Merger. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING
ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS PROVIDED BY FIRST CHOICE BANCORP AND PACIFIC COMMERCE BANCORP
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors may obtain free copies of the joint proxy statement/prospectus and other relevant documents prepared
by First Choice Bancorp and Pacific Commerce Bancorp free of charge by contacting First Choice Bancorp or Pacific Commerce
Bancorp.
CONTACTS First Choice Robert M. Franko, 562.345.9241 President & Chief Executive Officer or Yvonne L. Chen, 562.345.9244 Chief Financial Officer Pacific Commerce Frank J. Mercardante, 213.617.8961 Chief Executive Officer or Long Huynh, 213.787.2804 Chief Financial Officer