The Daily Bulletin's Matt Wrye reports that PFF Bancorp has set a date for its shareholder meeting to vote on the proposed merger of PFF and FBOC Corp., which also owns Cal National Bank.
Wrye's article, also posted on his blog The Bizz, had the info on the next month's meeting:
PFF Bancorp, the financial parent of PFF Bank & Trust, announced on Wednesday that its shareholder meeting will be held on Sept. 25 at 9:30 a.m. at the company's headquarters on 9337 Milliken Ave.
Votes will be tallied for the proposed merger between PFF and FBOP Corp., an Illinois-based company which owns several banks throughout the country.
If shareholders approve the acquisition, PFF banks will become Cal National Bank institutions.
With its common stock -- along with special series shares that PFF issued to FBOP through an agreement -- FBOP controls 28 percent voting power and will vote "yes" on the merger.
Collectively, PFF's board members and certain executive officers hold almost 3 percent voting power and will also vote "yes" on the merger.
Odds are that the merger will be approved, putting an end 116-year-old PFF as an independent institution. A shareholder class-action suit was settled recently, but PFF still faces a suit by employees who participated in the company's 401(k) and stock-option program and who are claiming to have lost millions of dollars it when the stock went belly-up.
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