SAN DIEGO, Aug. 8, 2011 /PRNewswire/ -- Bank of Southern
California (OTC Bulletin Board: FBBN) announced that it has raised
$3.1 million in new capital in a
private placement of common stock and separately announced it has
received regulatory approval to acquire approximately $24 million in deposits from another
institution.
"This additional capital increases the bank's total capital to
$22.7 million, making us one of the
best-capitalized banks in the region," said Nathan Rogge, President and Chief Executive
Officer. Bank of Southern
California's total risked-based capital ratio is now 17.6%
compared to the minimum level of 10% required to be considered
"well-capitalized." The bank's Tier 1 capital ratio has been
increased to 11.9%.
"Our strong capital position presents opportunities to continue
to grow the bank through lending and acquisitions," noted Rogge,
"and provides a solid financial foundation that benefits both
customers and investors."
The bank also announced it has received regulatory approval to
acquire approximately $24 million in
deposits from Mizuho Corporate Bank of California. This transaction is
anticipated to close on or around August 26,
2011, and will raise the bank's total deposits to
approximately $179 million and total
assets to $207 million.
"Acquiring this portfolio of core deposits increases our client
base, provides additional liquidity to fund loan growth, and
provides an immediate impact on profitability," Rogge added.
"This acquisition supports our strategy of growing the bank
through opportunistic transactions in Southern California."
In the last 12 months Bank of Southern
California has expanded its footprint in the region by
opening an office in downtown San
Diego and acquiring the Palm
Springs and La Quinta
offices of Palm Desert National Bank.
Established in 2001, Bank of Southern
California, N.A., a nationally chartered financial
institution, is locally owned and managed and committed to serving
the unique business, professional and personal banking needs of the
vibrant Southern California
communities it serves. With six offices in San Diego County and the Palm Springs area, Bank of Southern California remains one of the
strongest, best-capitalized banks in the region, with a growing
asset base and loan portfolio. For more information, visit
www.banksocal.com or call (858) 847-4780.
Forward-Looking Statements
Certain statements in this press release contain forward-looking
statements that are based on management's expectations, estimates,
projections and assumptions. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements. Forward-looking
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, as amended.
These statements are not guarantees of future performance and
involve certain risks and uncertainties, which are difficult to
predict. Therefore, actual future results and trends may
differ materially from what is forecast in forward-looking
statements due to a variety of factors.
All forward-looking statements speak only as of the date of this
press release. All subsequent written and oral forward-looking
statements attributable to Bank of Southern California, N.A., or any person
acting on its behalf are qualified by the cautionary statements in
this press release. Bank of Southern
California, N.A., does not undertake any obligation to
update or publicly release any revisions to forward-looking
statements to reflect events, circumstances or changes in
expectations after the date of this press release.
Media Inquiries:
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Dan Peoples, Peoples &
Company 858-552-1456
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Tony DiVita, Bank of Southern
California 858-847-4783
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SOURCE Bank of Southern
California