SAN DIEGO, Jan. 30, 2012 /PRNewswire/ -- Bank of
Southern California (OTC Bulletin Board: FBBN) has announced net
income of $1.1 million for the fiscal
year ended December 31, 2011,
compared to a net loss of $0.7
million in fiscal 2010.
"We are extremely pleased by the bank's earnings performance
last year," said Nathan Rogge,
President and Chief Executive Officer. "Careful management of the
bank's operations and continued progress on our strategic plan
combined to produce strong momentum that we expect to continue
in 2012."
Rogge noted that the bank has consistently grown year over year
both organically and through strategic acquisition, and that the
bank has not wavered from its continued commitment of lending to
small businesses even through the downturn in the economy. The
bank's loan portfolio has grown from just over $32 million in 2006 to over $146 million at year end 2011, most of which are
loans made to small businesses.
"During 2011 we also were recognized as a leading originator of
SBA 504 and SBA 7(a) loans," noted Rogge. "These popular loan
programs help small businesses get the funds they need more easily
and provide more flexible terms than conventional loan
options."
"We have an experienced and talented banking team that continues
to focus on building long-term customer relationships," he added.
"The bank is positioned for continued profitable growth as the
regional economy continues to improve."
Established in 2001, Bank of Southern
California, N.A., a national bank with headquarters in
San Diego, CA, is locally owned
and managed and committed to meeting 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.
Inquiries: Tony DiVita
Bank of Southern California
858-847-4783
SOURCE Bank of Southern
California