TEMECULA, Calif., Nov. 15, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) was among the nation's 100 busiest U.S. Small Business Administration lenders for the fiscal year ended Sept, 30, 2004, according to a report complied by Coleman Publishing Co.
Temecula-based Mission Oaks was the 85th biggest SBA 7a lender in the country, according to Coleman Publishing, a La Canada-based firm that tracks government lending programs. Mission Oaks originated 32 SBA 7a loans valued at $23.7 million in the 12-month period.
"We are really proud of the work our SBA staff has done catering to the needs of the region's small businesses," said Gary Votapka, Mission Oaks president and chief executive. "Two years ago we were ranked 272nd and last year we were 129th."
Mission Oaks began making SBA real estate (504) loans shortly after opening its doors in November 2000. In 2001 it formally established an SBA loan department and began offering SBA-guaranteed 7A loans to small businesses.
Mission Oaks recently announced that SBA administration expanded its Preferred Lending status to include the San Diego district. Along with the PLP designation for the Los Angeles, Santa Ana and Phoenix district offices this means Mission Oaks pretty much covers all of the Southwest United States.
The Preferred Lending status, the highest lending designation granted by the SBA, lets Mission Oaks document and originate SBA guaranteed loans and shorten the time it takes to get a loan approved and funded.
Earlier this year Mission Oaks was named an Emerging Lender in the San Diego District by the Certified Development Corporation (CDC) Small Business Finance.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of more than $116 million that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. Mission Oaks plans to open a third branch in the Ontario/Rancho Cucamonga area next year.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com.
Safe Harbor
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with the Office of the Comptroller of the Currency.