PHOENIX, Feb. 1, 2006 (PRIMEZONE) -- Mission Oaks National Bank was named the top Small Business Administration (504) lender in Arizona by the Business Development Financing Corp., a certified development company.
Mission Oaks National Bank, the principal subsidiary of Temecula, Calif.-based Mission Oaks Bancorp (OTCBB:MOKB), originated 15 SBA guaranteed (504) loans from its Phoenix-area office valued at $38.7 million during 2005.
"Congratulations to our people for a remarkable year," said Gary Votapka, Mission Oaks president and chief executive. "Mission Oaks' preferred lending status has allowed us to offer SBA guaranteed loans faster and with better terms in the western United States."
Mission Oaks was the top SBA real estate lender (504) in the Arizona district. It was followed by Bank of America, Chase, Wells Fargo and National Bank, according to the Business Development Financing Corp.
Steve Johnston, senior vice president and manager of Mission Oaks' Phoenix office, was named the top individual SBA lender by the Business Development Financing Corp.
"The award recognizes Mission Oaks for its leadership role in the SBA's 504 lending program," said Gary Molenda, president of the Business Development Financing Corp, which has offices in Phoenix and Tucson. "We appreciate their relationship and hard work."
A certified development company is a non-profit corporation that works with the SBA and private lenders to provide real estate financing to small businesses. There are about 270 CDCs nationwide.
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 7(a) loans to small businesses.
Last year the San Francisco, Fresno and Sacramento district offices of the SBA expanded Mission Oaks' PLP status to include all of California.
The bank has PLP authority in Arizona and Nevada as well.
The Preferred Lending status, the highest lending designation granted by the SBA, lets Mission Oaks document and originate SBA 7(a) guaranteed loans and shorten the time it takes to get a loan approved and funded.
Mission Oaks National Bank is a federally chartered community bank that is committed to serving consumers and businesses throughout the western United States. The bank offers personalized services and products through three full-service branch offices in Temecula and Ontario and loan production offices in San Diego and Phoenix.
Mission Oaks Bancorp common stock is traded over the counter under the stock symbol MOKB.OB.
For more on Mission Oaks National Bank visit its Web site at 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.
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