RANCHO CUCAMONGA, Calif., July 15 /PRNewswire-FirstCall/ -- PFF Bancorp,
Inc. (NYSE: PFB) ('PFF Bancorp' or the 'Company'), the holding company of PFF
Bank & Trust (the 'Bank'), Glencrest Investment Advisors, Inc., and
Diversified Builder Services, Inc., today announced that the Company's Board
of Directors has determined to move the trading of its common stock from the
New York Stock Exchange ('NYSE') to the OTC Bulletin Board ('OTCBB'). The
Company will announce the effective date of the transfer and the new ticker
symbol when advised by the OTCBB. The Company's stock will continue to trade
on the NYSE until the transition is complete.
The change was made in anticipation of the likelihood that, as a result of
recent declines in the price of the stock, the Company will not meet, in the
near-term, the NYSE's listing standards regarding the total market value of
the common stock. The transition to the over-the-counter market will have no
effect on PFF Bancorp's previously announced agreement to be acquired by FBOP
Corporation. Also, the Company's stock price will have no effect on the $1.35
in cash that its stockholders will receive when the merger is completed. The
appropriate bank regulatory applications have been filed for the merger and
regulatory approval for the transaction is expected later this quarter. The
Company has also filed its preliminary proxy materials for the merger with the
Securities and Exchange Commission ('SEC').
President and Chief Executive Officer Kevin McCarthy commented, 'Our Board
of Directors believes that the recent decline in our stock price is reflective
of overall conditions in the stock market, particularly for financial
companies. The Company expects that its stock will be actively traded on the
OTCBB and that there will be minimal impact on stockholders' ability to trade
shares of stock from this transfer.'
The OTCBB is an electronic, regulated quotation service that displays
real-time quotes, last-sale prices, and volume information for
over-the-counter equity securities issued by companies that are subject to
periodic filing requirements with the SEC or other regulatory authority.
Important Additional Information About the Merger
This communication is being made, in part, in respect of the proposed
business combination involving PFF Bancorp, Inc. and FBOP Corporation. In
connection with the proposed transactions, PFF Bancorp, Inc. has filed with
the SEC a preliminary proxy statement and other documents regarding the
proposed transactions, and plans to file with the SEC a definitive proxy
statement as well as other documents regarding the proposed transactions. The
definitive proxy statement will be mailed to stockholders of PFF Bancorp, Inc.
SECURITY HOLDERS OF PFF BANCORP, INC.
