WCB Holdings, Inc.
21550 Oxnard Street, Suite 100
Woodland Hills, CA 91367
Contact: Carl Raggio
President & Chief Executive Officer
(818) 449-7711
WCB Holdings, Inc. and WCB Announces 1st Quarter Results for 2008
Woodland Hills, Calif., April 22, 2008 – WCB Holdings, Inc., stock symbol (OTCBB: WCBH), located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its first quarter of 2008 financial results. As of March 31, 2008, consolidated total assets were $104.3 million including $83.5 million in gross loans, and total deposits of $89.3 million. This is an increase of $12.9 million in total assets from December 31, 2007 and an increase of $51.2 million in total assets over the first quarter of 2007. For the quarter ended March 31, 2008 the holding company showed a profit of $25,000, as compared to last year’s loss of $380,000 for the same quarter.
WCB, a wholly-owned subsidiary of WCB Holdings, Inc. recognized $50,000 in non-cash stock option compensation expenses, and provided $70,000 in loan loss provision for the quarter ending March 31, 2008.
Carl W. Raggio, III, President and CEO, said “The Bank has achieved two significant milestones: exceeding the $100 million mark in assets and two consecutive quarters of profits. While we are cautious about the economy, we continue to see good growth in our lending and deposit markets.”
The Bank offers a comprehensive selection of 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, 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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