TEMECULA, Calif., Nov. 28, 2003 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) announced that its board of directors has approved plans for a two-for-one split of its common stock.
The split, which will be proposed to bank's shareholders in the first quarter of 2004, requires the approval of two-thirds of Mission Oaks' approximately 350 shareholders. Shareholders of record as of April 1, 2004 would be eligible to receive the stock split.
"Mission Oaks just announced record earnings of $741,000, or 96 cents a share, for the nine months ended Sept. 30," said Robert Knogge, chairman. "We believe the stock split supports our strategy of building stockholder value by increasing the availability of our stock and improving its marketability."
The Temecula-based community bank continues to perform well as it enters its fourth year. Mission Oaks' five-star rating recently was reaffirmed by Bauer Financial Inc., a bank rating service. The Small Business Administration also expanded the bank's Preferred Lending status to include most of Southern California. The sought-after designation allows Mission Oaks to streamline its SBA loan process.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of $87 million that is committed to serving consumers and businesses in Southwest Riverside and Northern San Diego counties. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix.
For more on Mission Oaks National Bank visit its Website at missionoaksbank.com.
Safe Harbor
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the company's current expectations regarding future operating results and growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward looking statements.
These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers on the company's results of operation, (2) the company's ability to continue its internal growth rate, (3) the company's ability to build net interest spread, (4) the quality of the company's earning assets, and (5) government regulations.