Holding Company OKd by Bank’s Shareholders
YORBA LINDA — Bank of Yorba Linda shareholders have approved plans to form a holding company, BYL Bancorp, the bank said Thursday. The bank will become a unit of the holding company once the move is completed next month.
Bank of Yorba Linda said its shares will become BYL Bancorp shares and continue trading on Nasdaq under the symbol BOYL. The holding company will give the institution more options for obtaining capital, expanding its branches and financial services, and lining up possible acquisitions, said Robert Ucciferri, president and chief executive.
The new shares will have the same value as the shares of the bank just before the formation of BYL Bancorp. The stock rose 69 cents Thursday to $16.94 a share.
The bank also said Thursday that third-quarter net income increased 47% to $536,000, or 32 cents a share, from $365,000, or 23 cents a share, a year ago. Nine-month net income rose 75% to $1.4 million, or 86 cents a share, from $816,000, or 84 cents a share.
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