County Bank closed

Westamerica Bank, San Rafael, California, Acquires All the Deposits of County Bank, Merced, California
FOR IMMEDIATE RELEASE
February 6, 2009  Media Contact:
David Barr (202) 898-6992
Cell: (703) 622-4790
E-mail: dbarr@fdic.gov 
County Bank, Merced, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Westamerica Bank, San Rafael, California, to assume all of the deposits of County Bank.
County Bank's 39 offices will reopen as branches of Westamerica Bank. County Bank branches that had Saturday hours will reopen tomorrow. County Bank's remaining branches will reopen on Monday. Depositors of County Bank will automatically become depositors of Westamerica Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Westamerica Bank can fully integrate the deposit records of County Bank.
Over the weekend, depositors of County Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.
As of February 2, 2009, County Bank had total assets of approximately $1.7 billion and total deposits of $1.3 billion. In addition to assuming all of the failed bank's deposits, including those from brokers, Westamerica Bank agreed to purchase all of County Bank's assets.
The FDIC and Westamerica Bank entered into a loss-share transaction. Westamerica Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers as they will maintain a banking relationship.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-591-2820. The phone number will be operational this evening until 9:00 p.m., PST; on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/county.html.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $135 million. Westamerica Bank's acquisition of all deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. County Bank is the ninth bank to fail in the nation this year, and the third in California.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,384 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-19-2009
 
Board of Directors of Capital Corp of the West, holding company for County Bank
Jerry Callister
Chairman of the Board
 
 JERRY CALLISTER is a practicing attorney with the law firm of Callister & Hendricks, a Professional Law Corporation in Merced CA. Admitted to both California and Utah Bars. Mr. Callister received his undergraduate degree in accounting from Brigham Young University and his Juris Doctor Degree from Boalt Hall, University of California, Berkeley. He was a founding director of County Bank and is a past chairman of the Board. Mr. Callister is also past president of Merced Rotary Club, past president of Merced County Bar Association and a founding director and secretary of Merced College Foundation.
Curtis Riggs
Vice Chairman
 
 CURTIS RIGGS is a life-long resident of Merced and graduate of Stanford University. Mr. Riggs is President of VIA Adventures, Inc. and Merced Transportation Company. His work in the bus transportation industry has included serving as a Director of both the American Bus Association and the California Bus Association. Mr. Riggs has a long history of community activity including serving on the Merced City Planning Commission and the Board of Zoning Adjustment. He is an Elder with Central Presbyterian Church, Past President and member of Merced Rotary Club, and a Trustee of the U. C. Merced Foundation. In 2001, Mr. Riggs was named Merced’s “Citizen of the Year”. He and his wife, Gaye, have three daughters.
 
Dorothy Bizzini 
 
DOROTHY BIZZINI is a property manager and former registered nursed and PR Director of Mercy Hospital. She and her husband own the Atwater/Merced Veterinary Clinic. She received her AA degree from Sacramento Junior College and went on to receive her BA from Sacramento State College. She is a member of the Atwater United Methodist Church where she is Chairman of the Board of Trustees and former Chairman of the Administrative Council and Stewardship & Finance. Ms. Bizzini was also a Lay Leader for eight years. She is a member of the Atwater Chamber of Commerce and is a past president. Ms. Bizzini is also a member of the Rotary Club of Atwater and sits on the CSU Stanislaus Foundation Board of Trustees. She also serves on the State of California Commissioner of Emergency Medical Authority.
David Bonnar 
 
DAVID BONNAR has over 20 years in the computer industry and is currently a manager in the Information Services group for Community Medical Centers of Central California. He also owns an Information Services consulting practice. Mr. Bonnar graduated from Fresno Pacific University with a Masters in Administrative Leadership and holds a Bachelors degree in Business from San Jose State. He is also member of Fig Garden Rotary and a volunteer pilot for the Fresno County Sheriffs Air Squadron.
John Fawcett
Directors Loan Committee
  
JOHN FAWCETT has been President of Fawcett Farms, Inc. a dairy, tree, and row crop farm since 1974. Fawcett Farms is a family run farm started in the 1920's by his grandfather. Mr. Fawcett graduated from Colorado College with a BA in biology and geology and has completed the California Agricultural Leadership Program Class IX. He has been a member of the St Alban’s Episcopal Church for 25 years as a former Vestry Member. Mr. Fawcett is currently a Director of Central California Irrigation District. He is a former director of the Delta Restoration Coalition, California Tomato Research Institute, Processing Tomato Advisory Board, and Los Banos Community Hospital. Mr. Fawcett is a past president of Los Banos Rotary Club, the former Chairman of Boy Scouts of America SME, and a former Paul Harris Fellow.
 
Curtis Grant 
 
DR. CURTIS GRANT spent most of his career at California State University, Stanislaus, where he served as Professor of History and Vice President for Academic Affairs. He was class valedictorian at Modesto Junior College, graduated from Stanford University with a B.A. in history, earned his Master's at UC Berkeley, and returned to Stanford for his Ph.D. An active member of First Baptist Church in Modesto, his community involvement includes serving as board member for Stanislaus Youth for Christ, past president of Modesto Rotary, director on the Sutter Gould Medical Foundation Board, past president of Memorial Hospitals Association, and board member of the California-Nevada chapter of the Oregon-California Trails Association. Dr. Grant is frequently asked to address civic and historical groups on U.S. history and the American West.
 
Michael Graves 
 
MICHAEL GRAVES is principal of Pacific Resources, Inc. a financial, strategic planning, accounting and administrative management firm for startup organizations and volunteer organizations. Mr. Graves graduated from California State University/Fresno with a B.S. degree in Business Administration. He is also a Certified Public Accountant and member and director of the Fig Garden Rotary.
Richard S. Cupp 
 
RICHARD S. CUPP has served in the financial services industry for over 40 years. His leadership roles have covered almost the entire range of markets and disciplines within the banking industry and with institutions of all sizes and regulatory charters. For the past thirteen years, he has served as Chief Executive Officer of several independent commercial banking and savings banks and was responsible for significant improvements in operations, asset quality, regulatory and investor relations, earnings and shareholder valuation. These banks include 1st Century Bank, First Bank of Beverly Hills, HF Bancorp (Hemet Federal Bank) and Ventura County National Bancorp. HF Bancorp was the largest independent banking institution in Riverside County, California. VCNB was a multi-bank holding company whose principal subsidiary was Ventura County’s largest independent bank. Cupp was most recently President and CEO of 1st Century Bank, a newly chartered national banking institution headquartered in Los Angeles. HF Bancorp and VCNB were under-performing institutions experiencing various management, operating and portfolio challenges. Principal accomplishments were establishing strategic direction, restoring profitability and assembling effective management teams. Both companies were subsequently acquired by larger financial institutions, resulting in substantial increases in shareholder value. From 1983 to 1993, Cupp was Executive Vice President of CalFed, Inc. where he was responsible for CalFed’s first entry in commercial banking. From 1963 to 1983 he was with First Interstate Bancorp in a number of senior and executive positions. He was head of Corporate Banking, ran the European region, was responsible for the Bank’s subsidiary in Brussels, Belgium and held a number of other line and staff positions.
During the course of his career, he has raised substantial amounts of capital for new and existing banks, bought and sold banks and banking operations, built operations and businesses from scratch and insured that relations with regulatory authorities were maintained at positive levels.
Cupp is a director of The Olson Company, California’s largest developer of urban in-fill housing with revenues exceeding $350 million, and the RCR Group, a family owned manufacturer and distributor of automotive aftermarket products. He is an active director with experience in compensation, audit and finance committee roles. He is a former director of Guaranty Federal Bank, the $14 billion banking subsidiary of Temple Inland, Inc. As a director of Project Compassion, he provides direction and support to this non-profit organization that recognizes our fallen military service men and women in unique and profound way.

Gerald Tahajian
 GERALD TAHAJIAN practices law at his own firm in Fresno. He graduated from California State University, Fresno with a B.S. in Business Administration and from the University of San Francisco with a Juris Doctor Degree. Mr. Tahajian is also a Certified Public Accountant. He currently serves on the board of Trustees of the University of California, Merced. Past community service includes: President of Fresno County & City Chamber ofCommerce, Chairman of the Board of the Fresno County Economic Development Corporation, President of the Fresno Downtown Club; Treasurer and Vice President of the Central Calif. Certified Development Corporation, Treasurer & Chairman of the Finance Committee of Valley Children's Hospital Board of Trustees; and President, California State University, Fresno School of Business Alumni & Friends Association.
 
Executive Management

Richard S. Cupp
Chief Executive Officer 
Ed J. Rocha
President and Chief Operating Officer
 
 ED J. ROCHA was promoted to County Bank's President and Chief Operating Officer in December 2005. Mr. Rocha had previously held the position of Executive Vice President and Chief Operating Officer for County Bank since July 2003. Prior to that, he was County Bank's Executive Vice President and Chief Banking Officer from 1999 -2003, and the Bank's Senior Vice President and Chief Banking Officer from 1997-1999. Mr. Rocha served as Vice President and Regional Manager at County Bank from 1995-1997. He was employed as Senior Vice President and Branch Administrator for Pacific Valley National Bank from 1989-1995. Current President of California Independent Bankers Association, Mr. Rocha also serves on the "Board of Governors" for Doctors Medical Center in Modesto.
David A. Heaberlin
Executive Vice President/Treasurer and Chief Financial Officer
 
DAVID A. HEABERLIN joined County Bank as Chief Financial Officer and Executive Vice President in June, 2006. Mr. Heaberlin has served in various senior management capacities with several financial intermediaries. His most recent experience with a financial institution was with Bay View Bank in San Francisco where he held several positions including Chief Financial Officer, Chief Operating Officer, and President. He also served as Senior Executive Vice President and Chief Financial Officer for Financial Corporation of Santa Barbara; Senior Vice President and Chief Financial Officer for Bowery Bank in New York City; Executive Vice President and Chief Financial Officer for Exchange National Bank of Chicago, and Executive Vice President and Chief Financial Officer for Numerica Bank and Home Bank in New Hampshire. Mr. Heaberlin began his career in public accounting as an audit manager for Arthur Young and Company and is a Certified Public Accountant.
 
John Incandela
Executive Vice President/Chief Credit Officer
JOHN INCANDELA became County Bank's Chief Credit Officer and Executive Vice President in June, 2005. From 2002-2005 he served as Senior Vice President/Head of Credit Policy for Banco Popular North America in Chicago, Illinois. From 1997-2002, Mr. Incandela was the Regional Senior Credit Officer for Banco Popular North America's New York Metro Region in New York City.
 
Katherine Wohlford
Executive Vice President/Chief Administrative Officer
KATHERINE WOHLFORD became County Bank's Chief Administrative Officer and Executive Vice President in April, 2006. From 2004-2005, she served as First Vice President for Washington Mutual in Seattle, Washington. From 1999-2004, Ms. Wohlford was a Regional Vice President with Alta Colleges based in Denver, Colorado. During 1995-1998 Ms. Wohlford was Senior Vice President/Director of Product Management for Home Savings of America in California. From 1986-1995, Ms. Wohlford held numerous senior management positions with Glendale Federal Bank. Prior to that, she was a manager with Bank of America in the Los Angeles and Orange County regions of California.
 
Capital Corp of the West stock last traded at $0.15.