Contact Information: Contact: Tyler Massas Plaza Bank 760-889-4455
Plaza Bank Announces Third Quarter Results
| Quelle: Plaza Bank
IRVINE, CA--(Marketwire - November 16, 2009) - Orange County-based Plaza Bank (the "Bank")
today announced Third Quarter Financial Results for 2009. Those results,
according to the Bank's recently released financial statements, showed
strong growth in assets, deposits and loan activity over the prior year.
The Bank's net loss for the quarter ended September 30, 2009 was $793,000,
compared to a net loss of $578,000 for the quarter ended September 30,
2008. The net loss for the nine months ended September 30, 2009 was
$3,751,000, compared to $1,505,000 for the same period in 2008. Figures
are unaudited.
The Bank's assets nearly doubled in just a nine month period from December
2008 to September 2009, going from $87.7 million at the end of last year to
$158.8 million as of September of this year. At the same time, deposits
also grew nearly 50 percent since December 2008, standing at a healthy $123
million in September 2009. These are encouraging results in even a strong
economy, and to achieve them in current economic conditions is a testament
to the strong management team, a focus on service, and loyal and growing
customers of the Bank.
The Bank also saw its opening of new checking accounts nearly triple over
the first five months of 2009, and recorded a 70% increase in deposit
activity during that same period. On the expense side, the Bank's cost of
funds dropped 26 basis points and resulted in a reduction in interest
expenses of $25,000 a month. At the same time, the Bank's loan portfolio
grew 32 percent, with $106 million in loans in September 2009 compared to
$80 million in loans at the end of 2008. The Bank also benefited in 2009
from a $25 million capital infusion from PB Holdings and existing
shareholders.
"Our growth in 2009 has been simply remarkable for this challenging
economic climate," said Plaza Bank President Gene Galloway. "Our results
point to the bank's continued focus on customer service, establishment of
strong customer relationships, and quality controlled growth this year, as
we have taken all the right steps to position the bank for the future."
Among those steps in mid-2009, Plaza Bank welcomed a new Executive
Management team and expanded the existing Board of Directors, and secured a
major capital infusion to pursue growth opportunities. The Bank also
launched a new and expanded outreach program to become more visible in the
communities it serves, and it has built a new software infrastructure to
better monitor transactions. Added to that is a new Asset Based Lending
program for small business borrowers that is now fully operational and
complements the Bank's existing and well established Small Business Lending
program. All programs have attracted positive media attention this year as
well.
"We are very excited about the momentum we have built in 2009, particularly
in attracting new checking account customers and small business borrowers,
and in expanding contracts with and services to our existing customers.
Seeing the market conditions, the Bank proactively has succeeded in
reducing our construction loan portfolio and improving our risk management
controls, avoiding many of the problems other community and even larger
banks have faced," Galloway added. "We hope that momentum fuels an even
more robust 2010 for us."
To review the financials spreadsheet, visit
http://plazabank.net/about_statement.html
About Plaza Bank
Plaza Bank is a full-service professional business bank based in Irvine,
California. The Bank is dedicated to meeting the financial needs of the
small business customer in Orange County and the adjacent counties.
For additional information, visit the Plaza Bank website at
http://www.plazabank.net
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995, and are subject to the safe harbors created by that Act.
Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. They often include the
words "believe," "expect," "anticipate," "intend," "plan," "estimate," or
words of similar meaning, or future or conditional verbs such as "will,"
"would," "should," "could," or "may."
Forward-looking statements describe future plans, strategies and
expectations. Forward-looking
statements are based on currently available information, expectations,
assumptions, projections, and management's judgment about the Bank, the
banking industry and general economic conditions. These forward-looking
statements are not guarantees of future performance, nor should they be
relied upon as representing management's views as of any subsequent date.
Future events are difficult to predict, and the expectations described
above are necessarily subject to risk and uncertainty that may cause actual
results to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and
actual results may differ materially from those presented, either expressed
or implied, in this press release. Factors that might cause such
differences include, but are not limited to: the Bank's ability to
successfully execute its business plans and achieve its objectives; changes
in general economic, real estate and financial market conditions, either
nationally or locally in areas in which the Bank conducts its operations;
changes in interest rates; new litigation or changes in existing
litigation; future credit loss experience; increased competitive challenges
and expanding product and pricing pressures among financial institutions;
legislation or regulatory changes which adversely affect the Bank's
operations or business; loss of key personnel; changes in accounting
policies or procedures as may be required by the Financial Accounting
Standards Board or other regulatory agencies; and the ability to satisfy
requirements related to the Sarbanes-Oxley Act and other regulation on
internal control.