Sunshine Bancorp (SBCP), FBC Bancorp Approval of Merger

September 29, 2016 5:31 PM EDT

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Sunshine Bancorp, Inc. (NASDAQ: SBCP) (“Sunshine”), the parent holding company of Sunshine Bank, and FBC Bancorp Inc. (“FBC”), the parent holding company for Florida Bank of Commerce, today announced the results of their Special Meetings of Shareholders held on September 28 and September 29. Both meetings resulted in the approval of the proposal to adopt and approve the Merger Agreement of the companies.

In addition to shareholder approval, as contemplated by the Merger Agreement, the Sunshine Board of Directors has resolved to increase the size of the Board to fifteen directors, appointing Malcolm Kirschenbaum, Sal A. (Joe) Nunziata, John C. Reich, James T. Swann and Dana S. Kilborne to the serve as new directors of the combined company effective upon the consummation of the merger. Each of these five individuals has previously served as a director of FBC.

On September 28, 2016 the Sunshine Board accepted the resignations of current board members J. Floyd Hall, James Coleman Davis and Winfred M. Harrell. These resignations are contingent upon and effective as of the consummation of the merger.

Regulatory approvals for the merger are still pending, and the companies anticipate a closing sometime around the middle of the fourth quarter 2016.

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