SAN RAMON, Calif., Oct. 31, 2006 (PRIMEZONE) -- Tri-Valley Bank (OTCBB:TRVB), with offices in San Ramon and Livermore, announced today that total assets increased 112% from $29.4MM at 12/31/05 to $62.5MM at 9/30/06. Third quarter results showed asset growth of 44% over second quarter 6/30/06 figures.
Highlights from the Bank's first year of operations include the following:
-- Loan commitments - $61MM
-- Loans outstanding - $32.7MM
-- Total deposits - $47.7MM
-- Loan portfolio well diversified:
-- Commercial & Industrial loans (C & I) - 39%
-- Land & Construction loans - 36%
-- Commercial Real Estate (CRE) loans - 13%
-- Consumer/Equity lines - 12%
"We are very pleased with our results after one year of operations," stated Bill Nethercott, President and Chief Executive Officer. "We have achieved these results in a very competitive banking environment and at a time when concentrations of CRE loans tend to drive many de novo bank's initial growth. Tri-Valley Bank's asset growth has been led by a strong drive for commercial relationships."
Other highlights from the Bank's first year of operations are as follows:
-- Strategic Alliance with NES, a 1031 property exchange
accommodator
-- Internally developed SBA loan department
-- Full array of Cash Management and On-Line Banking products and
services
-- Corporate sponsor of many community events, including JDRF
(Juvenile Diabetes Research Foundation) Charity Golf tournament
co-sponsor, which raised in excess of $110,000 in net proceeds,
along with being a major in-kind sponsor for the Taylor Family
Foundation's Annual Day in the Park
The Tri-Valley company logo can be found at http://www.primezone.com/newsroom/prs/?pkgid=3002.