TEMECULA, Calif., June 3, 2003 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) announced it was granted Preferred Lending status by the U.S. Small Business Administration, a coveted designation that will allow it to simplify and expedite loans to small businesses.
"We are really pleased with the recognition from the SBA," said Gary Votapka, Mission Oaks National Bank president and chief executive. "This is another important milestone in our growth that will let us better serve small business customers."
The Preferred Lending status, the highest lending designation granted by the SBA, will let Mission Oaks document and originate SBA guaranteed loans and streamline lending.
"The PLP designation allows Mission Oaks to accelerate the SBA lending process and shorten the time it takes to get a loan approved and funded," said Hector Hernandez, senior vice president in charge of SBA lending at Mission Oaks.
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 it opened its doors. In 2001 it formally established an SBA loan department and began offering SBA-guaranteed 7A loans to small businesses.
Last year it opened small business loan offices in Northern San Diego County and Phoenix.
In short time Mission Oaks has become a leading SBA 7A lender in the region. In the second quarter ended March 31, Mission Oaks was the fifth largest SBA lender in Riverside County with five loans, according to the SBA's Santa Ana district office.
In the past 1-1/2 years, Mission Oaks has booked 31 SBA loans valued at $8.6 million.
Mission Oaks National Bank is a traditional, full-service community bank with two branches serving Southwest Riverside and Northern San Diego counties. It opened in November 2000 after raising $7.6 million from about 325 local investors. Today it has assets of more than $74 million and 2,400 accounts.
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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.