IRVINE, CA — (Marketwire) — 11/07/11 — Plaza Bank (OTCBB: PLZB) (the “Bank”) announced its unaudited financial results for the quarter ended September 30, 2011.
Quarter Ended September 30, 2011 Financial Highlights:
Net income for the quarter and year-to-date as of September 30, 2011 was $385,000 and $1.3 million, respectively.
Non-interest transaction accounts have increased $8.8 million from $31.7 million as of December 31, 2010 to $40.5 million as of September 30, 2011.
Interest bearing transaction accounts, consisting primarily of money market accounts, have increased $37.8 million or 56.9% over the last three quarters.
Net loans for the nine months ending September 30, 2011 have increased by $18.6 million, or 10.8% annualized growth rate.
Loan originations for the quarter ending and year-to-date as of September 30, 2011 were $23.4 million and $83.5 million, respectively. $20.4 million of our volume has been sold generating $1.4 million in gains.
Plaza Bank recently received the number one ranking by Multifunding LLC, for being the most committed bank in Orange County, California, putting the largest percentage of their capital toward small businesses. The measurement is based on loans of less than $1 million to businesses as a ratio of total deposits. For 2010, Plaza Bank was ranked twentieth nationally using the same criteria.
“The Small Business Administration has approved the Bank as a 504 pooler. To take advantage of the opportunity, create franchise value and increase gain on sale income, we have reorganized our small business lending division,” stated Plaza Bank-s President and CEO, Gene Galloway. Galloway added, “We are in the process of hiring significant new business development staff.”
Plaza Bank is full service community bank serving the business and professional communities in Southern California and Las Vegas, Nevada. The Bank is committed to meeting the financial needs of small to middle market businesses and professional firms with loans for working capital, equipment and owner-occupied commercial real estate financing and a full array of cash management services. Our bankers are experienced, professional and knowledgeable. For more information, visit or call President and CEO Gene Galloway at (949) 502-4300.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management-s judgment about the Bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management-s views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this press release. Factors that might cause such differences include, but are not limited to: the Bank-s ability to successfully execute its business plans and achieve its objectives; changes in general economic, real estate and financial market conditions, either nationally or locally in areas in which the Bank conducts its operations; changes in interest rates; new litigation or changes in existing litigation; future credit loss experience; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Bank-s operations or business; loss of key personnel; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies; and the ability to satisfy requirements related to the Sarbanes-Oxley Act and other regulation on internal control.
Media Contacts:
Gene Galloway
President/CEO – Plaza Bank
(702) 277-2221 or (949) 502-4309
Tyler Massas
VP – Marketing
(760) 889-4455