Quarterly Fincancial Press Release: 1st Quarter 2007
WCB
21550 Oxnard Street, Suite 100
Woodland Hills, CA 91367
Contact: Carl Raggio
President & Chief Executive Officer
(818) 449-7711
WCB Announces 1st Quarter Results
Woodland Hills, Calif., April 19, 2007 – WCB (stock symbol: WCBC), a new independent community business bank, located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its first quarter of 2007 financial results. As of March 31, 2007, total assets were $53,132,000 including $43,445,000 in gross loans, and total deposits of $42,487,000. For the quarter ended and the year-to-date (3 months) March 31, 2007, net losses were $380,000. The Bank recognized $57,000 in non-cash stock option compensation expenses, and provided $148,000 in loan loss provision for the year ended March 31, 2007.
Carl W. Raggio, III, President and CEO, said “We continue to grow rapidly in our fourth full quarter of operations. We have exceeded goals in our loan production and have kept below budget in our expenses. Both our deposit and loan prospect pipelines remain strong as we continue to focus our business on real estate and business clients. This year our goal is to become profitable as soon as possible.”
The Bank offers a comprehensive selection of deposit and loan products, cash management services as well as SBA-guaranteed loans.
The Bank, which opened for business on February 6, 2006, 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. Information on the Bank’s stock may be obtained from Rick Levenson of Western Financial Corporation at (619) 544-0260.
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