1st Century Bank forms bank holding company
Each outstanding share of the bank's common stock has been automatically exchanged for one share of common stock of 1st Century Bancshares. Shareholders are not required to exchange their current stock certificates. Alan Rothenberg, chairman and CEO of 1st Century Bank, said: "The formation of a bank holding company provides greater flexibility for improved capital planning and operational expansion. This milestone represents an important step as we continue to make progress preparing for our next phase of growth."