TEMECULA, Calif., May 17, 2005 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) announced that the U.S. Small Business Administration has expanded its Preferred Lending status to include San Francisco, Fresno and Sacramento district offices of the SBA.
"This means Mission Oaks now has PLP status for all of California and a good part of the Southwestern United States," said Hector Hernandez, senior vice president and manager of the bank's SBA department. "We are pleased with the designation and our continued success meeting the needs of small business customers."
The Temecula-based community bank has PLP authority in Arizona as well.
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. SBA lenders are classified in three categories: general program (GP), certified lender (CLP) and preferred lender (PLP).
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.
In 2004, Mission Oaks was the nation's 85th busiest SBA lender with 32 loans valued at about $23.7 million, according to Coleman Publishing, a La Canada-based firm that tracks government lending programs. In 2003, Mission Oaks made 30 SBA loans worth $12.7 million.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with asset of more than $120 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 early next year.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com
The Mission Oaks National Bank company logo is available at http://media.primezone.com/prs/single/?pkgid=471
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.