CERRITOS, CALIFORNIA, March 31, 2020 (GLOBE NEWSWIRE) -- (Nasdaq Capital Markets: FCBP) -- First Choice Bancorp, the holding company of First Choice Bank (collectively, “First Choice”), announced that for the second year in a row, First Choice has been ranked by S&P Global Market Intelligence as one of the Top 100 Best-Performing Community Banks in the U.S. First Choice, as part of the category of banks with assets under $3 billion, moved up to #38 in 2019 from #42 in 2018, out of a total of 4,391 banks eligible for this year’s ranking.
“We are honored to be included on S&P’s list of Best-Performing Community Banks, now two years in a row,” said Robert Franko, President and CEO. “Our success is a true testament to First Choice’s commitment to the communities we serve, our hardworking and talented staff, our sound financial decisions and our unwavering mission for the last 15 years to be First in Speed, Service and Solutions.”
Chairman Peter Hui shared, “We were caught by surprise with the COVID-19 crisis, but our people all joined together, implemented our Pandemic plans and have made certain that our Bank has been there for our clients continuously. This is just one more reason why we have such loyal clients. They know that First Choice Bank will be there for them, no matter what.”
S&P’s ranking is based on the following criteria: pretax return on tangible common equity, net charge-offs as a percentage of average loans, efficiency ratio, adjusted Texas ratio, net interest margin and loan growth. The full 2019 ranking can be found here: Rankings of Best-Performing Community Banks of 2019 Under $3B in Assets.
About First Choice Bancorp: First Choice Bancorp, headquartered in Cerritos, California, is the sole shareholder of, and the registered bank holding company for, First Choice Bank. As of December 31, 2019, First Choice Bancorp had total consolidated assets of $1.69 billion. First Choice Bank, also headquartered in Cerritos, California, is a community-based financial institution that serves primarily commercial and consumer clients in diverse communities and specializes in loans to small- to medium-sized businesses and private banking clients, commercial and industrial loans, and commercial real estate loans with a specialization in providing financial solutions for the hospitality industry. First Choice Bank is a Preferred Small Business Administration (SBA) Lender. First Choice Bank conducts business through 9 full-service branches and 2 loan production offices, located in Los Angeles, Orange, and San Diego Counties. Founded in 2005, First Choice Bank has quickly become a leading provider of financial services that enable our customers to grow, maintain strength, and achieve their business objectives. We strive to surpass our clients’ expectations through our efficiency, personalized services, financial solutions and professionalism and are committed to being “First in Speed, Service, and Solutions.” First Choice Bancorp stock is traded on the Nasdaq Capital Market under the ticker symbol “FCBP.”
First Choice Bank’s website is www.FirstChoiceBankCA.com.
FORWARD-LOOKING STATEMENTS
The statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, shareholder value creation and tax rates. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by the Company with the Securities and Exchange Commission.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.
CONTACT
First Choice Bank
Khoi D. Dang, Esq., 562.263.8336
Executive Vice President and General Counsel