TEMECULA, Calif., Sept. 16, 2003 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) announced that the U.S. Small Business Administration has expanded its Preferred Lending status to include Los Angeles and Arizona.
Earlier this year Temecula-based Mission Oaks was named a Preferred Lender by the SBA for Riverside, San Bernardino and Orange counties. The sought after designation allows the bank to simplify and expedite loans to small businesses.
"This is yet another achievement that shows our commitment to small business and lets us better serve our customers," said Gary Votapka, Mission Oaks National Bank president and chief executive.
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 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 2 years, Mission Oaks has booked 44 SBA loans valued at $17.8 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 Mission Oaks National Bank has assets of more than $80 million and about 2,400 accounts.
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.