WCB Holdings, Inc. and Western Commercial Bank Announce 2nd Quarter Results for 2010; May Get New President/CEO and CCO and Look
September 15 2010 - 1:11PM
Marketwired
WCB Holdings, Inc. (OTCBB: WCBH), located at 21550 Oxnard Street,
Suite 100, Woodland Hills, California, announced its second quarter
of 2010 financial results. For the quarter and year-to-date (six
months) ended June 30, 2010, the Company incurred net losses of
$768,000 and $4,946,000, respectively. Comparing to the same
periods ending June 30, 2009, the Company incurred net losses of
$315,000 and $326,000, respectively. The Company provided $0 and
$3,574,000 in loan loss reserves for the quarter and year-to-date
(6 months) ending June 30, 2010; these represented an increase of
$0 and $3,289,000 for the same periods in 2009.
The Company's total assets grew 3% or $3.3 million from $106
million at December 31, 2009 to $109.4 million at June 30, 2010.
For the same period, total loans shrank 11.4% or $11.1 million from
$96.9 million to $85.8 million and total deposits grew 10.1% or
$9.6 million from $94.4 million to $104 million, respectively. The
Company also recognized $21,000 in warrants expense for the year
ended June 30, 2010. The Company restated earnings for December 31,
2009 due to charge-offs that were applicable to 2009.
At June 30, 2010, the allowance for loan losses was $3,549,000
or 4.1% of total loans. Nonperforming assets, including non-accrual
loans, loans past-due over 90 days, and other real estate owned
were $15,289,000 at June 30, 2010. The largest non-performing asset
totaling $6.7 million was sold in July 2010, reducing the
non-performing assets by 44%. Management is aggressively working to
further reduce the remaining non-performing assets.
Western Commercial Bank, a wholly owned subsidiary of the
Company, reported Tier 1 risk-based capital ratio of 4.42% and
total risk-based-capital ratio of 5.70%. The Bank must meet certain
requirements in the Consent Order, dated September 18, 2009 which
includes achieving a Tier 1 capital to total average assets ratio
of 9.5% and reducing classified assets to no more than 50% of Tier
1 capital plus the loan loss allowance. At June 30, 2010, the Tier
1 capital to total average asset ratio was 3.93%.
In August, the Company retained Mr. Joseph W. Kiley, III as a
consultant, pending the processing and approval of an application
with various regulatory agencies to name Mr. Kiley as President and
Chief Executive Officer of WCB Holdings, Inc. and Western
Commercial Bank. Mr. Kiley is an experienced Banker with over 30
years of experience as a President and Chief Executive Officer of
several Southern California Banks. "His acceptance of this new
position brings us an added depth of experience, as a former CEO,
which strengthens our ability to navigate through the difficult
times," said Jim Hussey, Chairman of the Board of Directors.
At the same time, the Company also retained Mr. Ray Vadalma as a
consultant, pending the processing and approval of an application
with various regulatory agencies to name Mr. Vadalma as Executive
Vice President and Chief Credit Officer of Western Commercial Bank.
Mr. Vadalma has over 35 years of lending experience.
The Company plans to raise new capital through private placement
for general corporate purposes, including the recapitalization of
Western Commercial Bank to remove regulatory Orders and the pursuit
of other strategic business opportunities.
Forward-looking statements, by their nature, are subject to
risks and uncertainties. The statements contained in this release
that are not historical facts are forward-looking statements based
on management's current expectations and beliefs concerning future
developments and their potential effects on the Company. Readers
are cautioned not to unduly rely on forward-looking statements.
Actual results may differ from those projected. Forward-looking
statements speak only as of the date they were made. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect subsequent events or circumstances that may
occur after the date that forward-looking statements are made.
The Bank offers a comprehensive selection of business deposit
and loan products, cash management services as well as
SBA-guaranteed loans. The Bank is not involved in any of the
sub-prime products.
The Bank provides financial services to small and mid-sized
businesses, entrepreneurs and professionals in the San Fernando
Valley, with special expertise in commercial real estate
finance.
Regular office hours are Monday through Friday, 9:00 a.m. until
4:00 p.m.
Information on the Bank's services is available by calling (818)
449-7700 and online at www.westerncommercialbank.com. The stock
trades on the OTC Bulletin Board.
Contact: Tommy Woo EVP & Chief Financial Officer (818)
449-7700
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