February 4th, 2012
(TDCB.OB) Mutual Savings Bank Reports Net Loss of 2.1 Million
Posted on 17. Mar, 2011 by PublicWire
(PublicWire.com News Release) Robert D. Heuchan, President and CEO of Third Century Bancorp (OTCBB: TDCB), the holding company of Mutual Savings Bank, announced that for the year ended December 31, 2010, the company reported a net loss of $2.1 million compared with a net loss of $233,000 for the year ended December 31, 2009.
The net losses reported in 2010 and 2009 primarily resulted from the recorded provisions for loan losses of $3.2 million and $1.4 million, respectively. The provision in 2010 was primarily due to the write-off of $1.3 million in commercial participation loans and the effects of the on-going economic downturn, particularly as they relate to weaknesses in commercial real estate loans. In evaluating the adequacy of loan loss allowances, management considers factors such as delinquency trends, portfolio composition, past loss experience and other factors such as general economic conditions, which deteriorated dramatically during the fourth quarter of 2008 and continued to deteriorate throughout the first half of 2010. For the year ended December 31, 2010, Mutual Savings Bank charged-off loans, net of recoveries, of $1.9 million which represents an increase of $1.1 million, or 150.21%, from the year ended December 31, 2009. Of the $1.9 million charged-off for the year ended December 31, 2010, $1.7 million was the result of losses in the Bank’s commercial real estate portfolio. At December 31, 2010, management classified approximately $10.4 million in loans as impaired in the calculation of the allowance for loan losses compared to $5.0 million identified as of December 31, 2009. At December 31, 2010 and 2009, the Bank’s nonperforming assets as a percentage of total assets was 11.18% and 4.38%, respectively.
Other income decreased $335,000, or 25.95%, to $956,000 in 2010 from $1.3 million in 2009. The primary reason for the decrease in other income was the decrease of $152,000, or 52.05%, in net gains on loans sold into the secondary market to $140,000 for the year ended December 31, 2010 as compared to $292,000 for the year ended December 31, 2009. In 2010, Mutual Savings Bank sold $9.7 million of loans into the secondary market as compared to $14.2 million of such sales in 2009.
General, administrative and other expenses (non-interest expense) increased $589,000 or 11.12% to $5.9 million during 2010 from $5.3 million during 2009. The increase in non-interest expense was primarily due to two events. First, at December 31, 2010, the Bank performed an evaluation of goodwill recorded on its books and determined it to be fully impaired. As a result, the Bank recorded an impairment of $239,000 to fully write off goodwill. Second, the Bank closed its Franklin Central branch in June 2010 and listed the property for sale. The Bank obtained an appraisal on the property to determine its market value. The appraised value for the Franklin Central branch was less than value recorded on the Bank’s books. As a result, the Bank recorded a loss on assets held for sale of $471,000.
Total assets decreased $10.6 million to $118.2 million at December 31, 2010 from $128.8 million at December 31, 2009, a decrease of 8.26%. The decrease in assets was primarily the result of a decrease in net loans receivable of $12.6 million, or 11.75%, to $94.9 million at December 31, 2010 from $107.6 million at December 31, 2009. During 2010, one-to-four family residential mortgages declined $5.2 million, or 11.37%, and land development and construction loans decreased $4.9 million, or 33.47%. During 2010, many consumers refinanced their one-to-four family residential mortgages into lower fixed-rate loan products with longer maturities, which were subsequently sold by the Bank on the secondary market. In addition, the demand for land development and construction loans diminished due to the decline in housing demand and the overall economy. The allowance for loan losses increased to $3.5 million at December 31, 2010 from $2.1 million at December 31, 2009. The Bank increased the provision for loan losses based on a review of the structure of the current loan portfolio, the loans charged-off in 2010 and continued concerns about the economy.
Deposits decreased to $89.0 million at December 31, 2010 from $94.0 million at December 31, 2009, a decrease of $5.0 million or 5.37%. Time deposits decreased $5.9 million, or 16.43%, to $30.1 million at December 31, 2010 from $36.0 million at December 31, 2009. Demand deposits increased $1.1 million, or 9.18%, to $12.9 million at December 31, 2010 from $11.8 million at December 31, 2009.
Federal Home Loan Bank advances and other borrowings decreased $3.5 million, or 20.00%, to $14.0 million at December 31, 2010 from $17.5 million at December 31, 2009. The Bank repaid $3.5 million in Federal Home Loan Bank during 2010.
Stockholders’ equity decreased $2.1 million to $14.9 million at December 31, 2009 from $17.0 million at December 31, 2009. Equity as a percentage of assets decreased 0.55% to 12.63% at December 31, 2010 compared to 13.18% at December 31, 2009. The Company previously announced that the Board of Directors has suspended quarterly dividend payments until the Company achieves an acceptable level of earnings performance.
About Mutual Savings Bank
Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the bank operates branches in Franklin at 1124 North Main Street and the Franklin United Methodist Community, as well as in Edinburgh, Nineveh and Trafalgar, Indiana.
Mutual Savings Bank Trading Symbols
Mutual Savings Bank trades Over The Counter As TDCB (OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB)
About PublicWire.com
PublicWire.com is a Small Cap Financial Press Release Company that uses a variety of cutting edge methods to syndicate your Small Cap Press Release to various news and information outlets. Our press releases have consitantly placed the Small Cap Companies we work with on the first result page of major search engines such as Google, Bing, and Yahoo. We work exclusively with Pinksheet and Over The Counter (PK and OTCBB) Companies to ensure maximum exposure for their Press Releases.
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OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB
The symbols “OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB” reflect the variety of methods Mutual Sacings Bank list their stock as, and were valid at the time of original publication of this press release.
(PublicWire.com News Release) Robert D. Heuchan, President and CEO of Third Century Bancorp (OTCBB: TDCB), the holding company of Mutual Savings Bank, announced that for the year ended December 31, 2010, the company reported a net loss of $2.1 million compared with a net loss of $233,000 for the year ended December 31, 2009.
The net losses reported in 2010 and 2009 primarily resulted from the recorded provisions for loan losses of $3.2 million and $1.4 million, respectively. The provision in 2010 was primarily due to the write-off of $1.3 million in commercial participation loans and the effects of the on-going economic downturn, particularly as they relate to weaknesses in commercial real estate loans. In evaluating the adequacy of loan loss allowances, management considers factors such as delinquency trends, portfolio composition, past loss experience and other factors such as general economic conditions, which deteriorated dramatically during the fourth quarter of 2008 and continued to deteriorate throughout the first half of 2010. For the year ended December 31, 2010, Mutual Savings Bank charged-off loans, net of recoveries, of $1.9 million which represents an increase of $1.1 million, or 150.21%, from the year ended December 31, 2009. Of the $1.9 million charged-off for the year ended December 31, 2010, $1.7 million was the result of losses in the Bank’s commercial real estate portfolio. At December 31, 2010, management classified approximately $10.4 million in loans as impaired in the calculation of the allowance for loan losses compared to $5.0 million identified as of December 31, 2009. At December 31, 2010 and 2009, the Bank’s nonperforming assets as a percentage of total assets was 11.18% and 4.38%, respectively.
Other income decreased $335,000, or 25.95%, to $956,000 in 2010 from $1.3 million in 2009. The primary reason for the decrease in other income was the decrease of $152,000, or 52.05%, in net gains on loans sold into the secondary market to $140,000 for the year ended December 31, 2010 as compared to $292,000 for the year ended December 31, 2009. In 2010, Mutual Savings Bank sold $9.7 million of loans into the secondary market as compared to $14.2 million of such sales in 2009.
General, administrative and other expenses (non-interest expense) increased $589,000 or 11.12% to $5.9 million during 2010 from $5.3 million during 2009. The increase in non-interest expense was primarily due to two events. First, at December 31, 2010, the Bank performed an evaluation of goodwill recorded on its books and determined it to be fully impaired. As a result, the Bank recorded an impairment of $239,000 to fully write off goodwill. Second, the Bank closed its Franklin Central branch in June 2010 and listed the property for sale. The Bank obtained an appraisal on the property to determine its market value. The appraised value for the Franklin Central branch was less than value recorded on the Bank’s books. As a result, the Bank recorded a loss on assets held for sale of $471,000.
Total assets decreased $10.6 million to $118.2 million at December 31, 2010 from $128.8 million at December 31, 2009, a decrease of 8.26%. The decrease in assets was primarily the result of a decrease in net loans receivable of $12.6 million, or 11.75%, to $94.9 million at December 31, 2010 from $107.6 million at December 31, 2009. During 2010, one-to-four family residential mortgages declined $5.2 million, or 11.37%, and land development and construction loans decreased $4.9 million, or 33.47%. During 2010, many consumers refinanced their one-to-four family residential mortgages into lower fixed-rate loan products with longer maturities, which were subsequently sold by the Bank on the secondary market. In addition, the demand for land development and construction loans diminished due to the decline in housing demand and the overall economy. The allowance for loan losses increased to $3.5 million at December 31, 2010 from $2.1 million at December 31, 2009. The Bank increased the provision for loan losses based on a review of the structure of the current loan portfolio, the loans charged-off in 2010 and continued concerns about the economy.
Deposits decreased to $89.0 million at December 31, 2010 from $94.0 million at December 31, 2009, a decrease of $5.0 million or 5.37%. Time deposits decreased $5.9 million, or 16.43%, to $30.1 million at December 31, 2010 from $36.0 million at December 31, 2009. Demand deposits increased $1.1 million, or 9.18%, to $12.9 million at December 31, 2010 from $11.8 million at December 31, 2009.
Federal Home Loan Bank advances and other borrowings decreased $3.5 million, or 20.00%, to $14.0 million at December 31, 2010 from $17.5 million at December 31, 2009. The Bank repaid $3.5 million in Federal Home Loan Bank during 2010.
Stockholders’ equity decreased $2.1 million to $14.9 million at December 31, 2009 from $17.0 million at December 31, 2009. Equity as a percentage of assets decreased 0.55% to 12.63% at December 31, 2010 compared to 13.18% at December 31, 2009. The Company previously announced that the Board of Directors has suspended quarterly dividend payments until the Company achieves an acceptable level of earnings performance.
About Mutual Savings Bank
Founded in 1890, Mutual Savings Bank is a full-service financial institution based in Johnson County, Indiana. In addition to its main office at 80 East Jefferson Street, Franklin, Indiana, the bank operates branches in Franklin at 1124 North Main Street and the Franklin United Methodist Community, as well as in Edinburgh, Nineveh and Trafalgar, Indiana.
Mutual Savings Bank Trading Symbols
Mutual Savings Bank trades Over The Counter As TDCB (OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB)
About PublicWire.com
PublicWire.com is a Small Cap Financial Press Release Company that uses a variety of cutting edge methods to syndicate your Small Cap Press Release to various news and information outlets. Our press releases have consitantly placed the Small Cap Companies we work with on the first result page of major search engines such as Google, Bing, and Yahoo. We work exclusively with Pinksheet and Over The Counter (PK and OTCBB) Companies to ensure maximum exposure for their Press Releases.
To maximize your OTCBB / Pinksheet / Small Cap Company Press Release, call us directly at 407-218-7446.
OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB
The symbols “OTCBB:TDCB, TDCB.OB, TDCB.OTCBB, TDCB” reflect the variety of methods Mutual Sacings Bank list their stock as, and were valid at the time of original publication of this press release.
2/2 (DGRI.PK) Dutch Gold Corp Strikes Gold Again
Posted on 02. Feb, 2010 by PublicWire in General
Dutch Gold Corp announced an updated mineral resource estimate for a portion of the Basin Gulch Project, Montana. The project is in Granite County, Montana, about 19 road miles west of Philipsburg, Montana. The new mineral resource estimate, conducted by David Brown and Associates, has been disclosed in accordance with the definition standards and guidelines on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian Securities Administrators National Instrument 43-101 (NI 43-101).
The estimate is for a mineralized area that was historically pattern drilled by 88 core and reverse circulation holes and sampled by a series of surface trenches to bedrock. This area is informally referred to as the “discovery block.” An additional more widely scattered 235 holes have been drilled on the property. While these additional holes also intersected gold mineralization, they were not drilled in sufficiently close spacing to project a gold resource.
The estimated gold mineralization volume for the discovery block is 633 million tons grading 0.012 ounce per ton (opt) gold, using a 0.0065opt cutoff, for a contained volume of approximately 7,600,000 ounces of gold. Within this mineralization is higher-grade volume of 108 million tons grading 0.026 opt gold, containing approximately 2,800,000 ounces of gold. The gold mineralization also contains locally significant associated silver mineralization that was not included in the estimates.
Additionally, based on numerous higher-grade gold intercepts that have not yet been evaluated, Dutch expects to define very significant areas of higher-grade mineralization with future drilling, both within the discovery zone and outside it. As step-out and fill-in drilling is conducted in the gold-mineralized areas intersected by the holes outside the discovery block, Dutch anticipates the discovery will grow.
Great Southern Bank (CSVI.PK) Selects Summit.NET Image Platform
Posted on 04. Dec, 2009 by PublicWire in Finance
4 December 2009 (PublicWire) — Summit Financial Solutions, Inc., an affiliate company of Computer Services, Inc. (CSI) (Pink Sheets: CSVI), today announced that Great Southern Bank has selected the Summit.NET image processing platform to be the foundation for its item processing services. Great Southern Bank is a $3.7 billion regional community bank based in Springfield, Mo. The bank serves customers in Missouri, Kansas, Iowa and Nebraska. (Logo: http://www.newscom.com/cgi-bin/prnh/20081027/SFSLOGO )
According to Lin Thomason, Vice President of Information Systems at Great Southern Bank, the choice to go with Summit.NET was an easy one. “Summit.NET is consistent with Great Southern’s strategy of surrounding our core system with best of breed integrated solutions to meet the bank’s processing objectives and customer requirements,” said Thomason. “Summit.NET is a 100% .NET-based comprehensive image platform, which was the key to our decision and since Summit.NET is replacing the other image vendors we looked at, we determined they were the best choice for Great Southern Bank.
“Summit.NET also has certified integration with our core and Internet Banking systems, which was a major factor we considered in our decision making process,” Thomason continued. “Having these interfaces installed at other banks gave us a comfort level that Summit will easily integrate its solutions into our processing environment.”
“We are very proud to add Great Southern Bank as a Summit client,” said Ron Thill, President of Summit Financial Solutions. “We believe the Summit philosophy to focus on our customers and provide the best solution and service possible will work well with Great Southern Bank’s growth plans. Great Southern Bank joins a number of multi-billion dollar institutions that have ordered Summit.NET this year. The product’s robust design and next generation features make it the best next generation alternative for banks that are still running on legacy image systems.”
About Summit Financial Solutions, Inc.
Summit Financial Solutions, Inc. is a developer and provider of payment processing software and services. Summit introduced the financial industry’s first integrated check imaging solution based entirely on Microsoft’s .NET platform. Summit.NET was the first system specifically built to handle the electronic image exchange requirements of Check 21. The Company’s open data and image capture, exchange, remittance and lockbox solutions are in service at over 600 banks. Summit, a wholly owned subsidiary of Computer Services, Inc., is based in Jefferson City, Missouri. For more information about Summit, visit www.summitfs.net.
About Great Southern Bank
With total assets of $3.7 billion, Great Southern offers banking, investment, insurance and travel services. Headquartered in Springfield, Mo., Great Southern operates 72 retail banking centers and more than 200 ATMs in Missouri, Iowa, Kansas and Nebraska. The company also serves lending needs through a loan production office in Rogers, Ark. Great Southern Bancorp, Inc. is a public company and its common stock (GSBC) is listed on the NASDAQ Global Select stock exchange.
Bankrupt CIT Group Inc. (CITGQ.pk) Confirms 10th Sequential Quarterly Loss
Posted on 20. Nov, 2009 by PublicWire in Finance
20 November 2009 (PublicWire) — New York-based bank holding firm, CIT Group Inc. (PinkSheets: CITGQ) said it conceded a 10th successive quarterly loss for the period stretching from July to September as the company failed to withstand the heat generated by the speculation surrounding its plans to file for bankruptcy. In any case the renowned lender to small and medium-sized enterprises proved the assumptions to be true on November 1, when it sensationally gave in to one of the biggest bailout transactions in U.S history after failing to ease its indebtedness.
CIT is yet to liven up from the nightmare of the credit crisis which translated to negative inconsistencies between its yielded revenues and costs incurred. By chance it befitted the politics of the Bush administration to advance the company $2.3 billion from the Troubled Asset Relief Program under the guise that it would be in the best interest of the taxpayers. However, the latest bankruptcy scenario will see to it that preferred shareholders such as the U.S government are wiped out.
During the third quarter ended September 30, CIT lost $1.07 billion ($2.74 per share), in relation to a smaller loss of $317.3 million ($1.11 per share) accounted for the same quarter a year ago. On the continuing operations front the company registered a loss of $1.03 billion ($2.74 per share), as compared to last year’s loss of $301 million ($1.13 per share).
Consolidated net revenue was not any better at $534.1 million, a drawback of $32.9 million over last year’s net revenue of $567 million. The deficit was partially a result of shockwaves from the $701.8 million that CIT had earmarked for credit losses over the third quarter, vis-a-vis $210.3 million set aside in that respect for the matching period of the previous year.
The lender disclosed assets valued at $69.19 billion and liabilities of approximately $64.1 billion. It intends to come forth from bankruptcy protection at the end of December under a pre-packaged restructuring arrangement that would give the unsecured debt holders nothing short of $0.70 on the dollar, as well as new common stock. CITGQ shares on the Pink Sheets closed 0.99 percent down to $0.02 on Tuesday.
Sturgis Bancorp (STBI.OB) Declares 3 Cent Dividend
Posted on 18. Nov, 2009 by PublicWire in Finance
18 November 2009 (PublicWire) — Sturgis Bancorp, Inc.’s (OTCBB: STBI) board has declared a cash dividend of $0.03 per common share, payable December 15, 2009 to stockholders of record November 30, 2009.
The cash dividend has recently been reduced from prior quarters to reflect the decrease in earnings and maintain internal dividend payout guidelines, according to the company.
Michigan-based Sturgis Bancorp is the holding company for Sturgis Bank & Trust Co., and its subsidiaries Oakleaf Financial Services and Oak Mortgage. Sturgis Bancorp provides a range of trust, commercial and consumer-banking services from 12 banking centers in Sturgis, Bronson, Centreville, Climax, Coldwater, Colon, South Haven, Three Rivers and White Pigeon, Michigan.
Oakleaf Financial Services offers a range of investment and financial-advisory services. Oak Mortgage offers residential mortgages in all banking centers of the bank.
Treasure State Bank (TRSU.OB) Announces Extension of Rights Offering
Posted on 17. Nov, 2009 by PublicWire in Finance
17 November 2009 (Public Wire) — Treasure State Bank (OTCBB:TRSU), a Montana chartered community bank, today announced that it is extending its Rights Offering that was set to expire November 17, 2009, at 5:00 p.m., prevailing Mountain Time, until November 24, 2009, at 5:00 p.m., prevailing Mountain Time.
This extension is necessary because the mailing of the Prospectus was delayed and there also was an additional announcement of the appointment of James Salisbury as President & CEO on October 30, 2009. The extension of time will allow shareholders additional time to complete the necessary documents required to exercise their rights.
The Bank may also conduct a limited public offering of its shares for those shares unsubscribed in the rights offering, and also may increase such limited public offering by up to a total of an additional 250,000 shares at $4.00 per share for additional gross offering proceeds of $1,000,000. This limited public offering, if undertaken, will expire on December 17, 2009, 5:00 p.m. Mountain Standard Time, although Treasure State Bank may extend this limited public offering at its discretion.
For more information regarding the rights offering or to request copies of the prospectus, you may contact James A Salisbury, President and CEO, at 406-543-8700.
About Treasure State Bank
Treasure State Bank, a state chartered bank, is headquartered in Missoula, Montana. The Bank was founded in January 2007. Treasure State Bank currently trades on the Over the Counter Bulletin Board (OTCBB) under the ticker symbol “TRSU.” Treasure State Bank serves businesses, professionals, non-profit organizations and individuals through customized banking services and products. For more information, please visit www.treasurestatebank.com.
FirstFed Financial Corp. (FFED.PK) Announces Positive Effects From New Tax Legislation
Posted on 12. Nov, 2009 by PublicWire in Finance
12 November 2009 (PublicWire) — FirstFed Financial Corp. (Pink Sheets: FFED) (the “Company”) announced today the positive capital effects of the Worker, Homeownership, and Business Assistance Act of 2009, which became law on November 6, 2009. The new law allows businesses to carry back net operating losses from 2008 and 2009 for up to five years. In light of the new tax legislation, FirstFed Financial Corp. will book a tax benefit in the fourth quarter of 2009 and anticipates receiving a federal income tax cash refund during the first quarter of 2010.
It is too early to estimate the full-year benefit; however, the Company can quantify the law’s impact in relation to its results for the nine months through September 30, 2009, and will be disclosing it as a subsequent event in its quarterly report on Form 10-Q. Had the new law been effective in the third quarter, the Company’s wholly-owned banking subsidiary, First Federal Bank of California, would have had an additional $76.28 million in capital at September 30, 2009, which would have raised the Bank’s core and risk-based capital ratios at that date to 5.49% and 11.13%, respectively.
The Bank’s loan delinquency levels continue to trend downward. Unaudited, unconsolidated monthly results as of October 31, 2009 show a decline in delinquent loans of $58.7 million, or 16%, from the previous month. October was the eighth consecutive month in which the Bank’s loan delinquencies decreased. Total delinquencies are now less than half of historic peak levels reported by the Company in early 2009.
About FirstFed Financial Corp.
FirstFed Financial Corp. is a savings and loan holding company. The Company owns and operates First Federal Bank of California, a federally chartered savings association. The Company’s principal executive offices are located at 12555 W. Jefferson Boulevard, Los Angeles, California 90066, and its telephone number is 310-302-5600. Information about the Company, including corporate background and press releases, is available through the Company’s website at www.firstfedca.com.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results to differ materially from such statements. Such risks and uncertainties include, but are not limited to, the ability and willingness of borrowers to pay their mortgage loans, which is affected by external factors such as interest rates, the California real estate market and the strength of the California market, in particular employment levels; fluctuations between consumer interest rates and the cost of funds; federal and state regulation of lending, deposit and other operations, including the regulatory enforcement actions to which the Company and the Bank are currently, and may in the future be, subject; competition for financial products and services within the Bank’s market areas; operational and infrastructural risks; capital market activities; critical accounting estimates; and such other factors as are described in greater detail in the Company’s filings with the Securities and Exchange Commission, including, without limitation, Item 1A. Risk Factors of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2008. Unless legally required, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
FirstFed Financial Corp.
Douglas J. Goddard
Chief Financial Officer
310-302-1714
Profits up 35% at Pinnacle Bancshares (OTCBB: PCLB) in 3Q
Posted on 09. Nov, 2009 by PublicWire in Finance
Jasper-based Pinnacle Bancshares Inc.’s (OTCBB: PCLB) profits increased by 35 percent in the third quarter. The bank, with branch offices in the Birmingham-Hoover market, posted $453,000 in net income, versus $335,000 during the same period last year.
However, for the first nine months of 2009, the bank posted a net loss of $114,000, compared with net income of $916,000 the year before. Net losses can primarily be attributed to an increased provision to cover for bad loans for the three-quarter period, which skyrocketed to $2.5 million versus $727,000 in the first three quarters of 2008.
Pinnacle Chief Executive Robert B. Nolen Jr. said the company continues “to have significant concerns for weakening commercial real estate markets and the overall economy.”
The primary culprit of the bank’s provision increase was three loans worth about $6 million.
“Although each of these loans is currently performing, our management determined that weaknesses in these credits, due principally to significant declines in real estate values, supported a decision to establish these additional reserves,” the bank said in a written statement.
Pinnacle Bancshares Inc.’s (OTCBB:PCLB) wholly owned subsidiary Pinnacle Bank has seven offices located in central and northwest Alabama.
Contact:
1811 2nd Ave
Jasper, AL 35501-5307
(205) 221-4111
www.pinnaclebancshares.com
Private Bank of California to Remain in TAGP
Posted on 04. Nov, 2009 by PublicWire in Finance
LOS ANGELES–(Public Wire)– The Private Bank of California (the “Bank”) (OTCBB: PBCA) today announced that the Bank has elected to remain in the FDIC`s Transaction Account Guarantee Program (TAGP) as a result of the FDIC`s recent announcement to extend the program to June 30, 2010.
President Richard A. Smith commented that, “The Bank was pleased to have participated in this program when it was established by the FDIC. We believe that the Bank`s continued participation through June 30, 2010, along with our strong and liquid balance sheet, enables the Bank to provide our clients with a safe and secure banking experience during the current economic environment.”
The TAGP program provides full FDIC insurance coverage for all non-interest bearing transaction accounts. This includes traditional non-interest bearing checking accounts and certain types of attorney trust accounts, as well as negotiable order of withdrawal (NOW) accounts with interest rates of 0.50 or less. The TAGP insurance coverage is in addition to the increased coverage provided by the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic FDIC deposit insurance coverage limits to $250,000 through December 31, 2013.
About The Private Bank of California: The Bank is a California-chartered commercial bank providing a wide range of financial services, including credit and deposit products as well as cash management services, from its headquarters office at 10100 Santa Monica Boulevard, Suite 2500, Los Angeles, California 90067. The Bank`s target clients include high net worth and high income individuals, business professionals and their professional service firms, business owners, entertainment service businesses, local businesses, and non-profit organizations. Additional information is available at www.tpboc.com or by calling 310.286.0710.
Forward-Looking Statements: 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 Private Bank of California`s current expectations regarding deposit and loan growth and operating results. 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, (2) a decline in economic conditions, (3) an increase in competition among financial service providers impacting on the Bank`s operating results and ability to attract deposit and loan customers and the quality of the Bank`s earning assets and (4) an increase in government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events orcircumstances after the date of such statements.
Contact
Private Bank of California
Steven D. Broidy, Chairman and Interim CEO
310.728.1951 (direct)
sdbroidy@tpboc.com
AltaPacific Appoints Frank Basirico as Head of Mergers and Acquisition Group
Posted on 02. Nov, 2009 by PublicWire in Finance
Nov. 2, 2009 (Public Wire) — AltaPacific Bank (OTCBB:ABNK) today announced the appointment of Frank Basirico as Executive Vice President, Mergers and Acquisitions. Mr. Basirico has over 31 years in the financial services industry where he has served in various executive positions. Mr. Basirico is a resident of Southern California and will focus on business acquisitions and expansion projects throughout the entire state of California.
Mr. Basirico stated, “The Board of Directors and management have a very sound plan for the future and I am honored to be allowed to participate in that plan. The bank has done exceptionally well since opening in 2006. Their level of success in such a short period of time serves as a great tribute to their business skills and leadership.”
The bank’s President and Chief Executive Officer, Charles O. Hall, stated, “I have followed Frank’s career for many years and am pleased that he has agreed to become part of our executive team. He is well respected in the banking community and is a seasoned professional.” Continuing, Mr. Hall stated, “Having recently completed our initial three year phase as a de novo institution, we believe our strong financial condition combined with an excellent team of directors, officers and employees puts us in an excellent position to take advantage of future business opportunities.”
AltaPacific Bank is an independent business bank headquartered in Sonoma County. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals. AltaPacific Bank is located at 3725 Westwind Blvd., Suite 100, Santa Rosa, California and is near the Charles M. Schultz – Sonoma County Airport.
Contact:
(707) 236-1500
www.apbconnect.com.
This press release includes forward-looking statements that involve inherent risks and uncertainties. AltaPacific Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements.These factors include economic conditions and competition in the geographic and business areas in which AltaPacific Bank operates, inflation, fluctuations in interest rates, legislation and governmental regulation and other factors beyond AltaPacific Bank’s control. We make no promise to update any forward-looking statement, whether as a result of changes in underlying factors, new information, future events or otherwise.