Quarterly Fincancial Press Release: 2nd Quarter 2007
WCB
21550 Oxnard Street, Suite 100
Woodland Hills, CA 91367
Contact: Carl Raggio
President & Chief Executive Officer
(818) 449-7711
WCB Announces 2nd Quarter Results
Woodland Hills, Calif., July 19, 2007 – WCB (stock symbol: WCBC), a new independent community business bank, located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its second quarter of 2007 financial results. As of June 30, 2007, total assets were $62.3 million including $55.0 million in gross loans, and total deposits of $51.8 million. For the quarter ended and the year-to-date (6 months) June, 2007, net losses were $179,000 and $559,000, respectively. The Bank recognized $29,000 and $86,000 in non-cash stock option compensation expenses, and provided $145,000 and $293,000 in loan loss provision for the quarter and year-to-date (6 months) ending June 30, 2007, respectively. Our loan portfolio remains strong with no past dues and no losses.
Carl W. Raggio, III, President and CEO, said “I am pleased with our growth in our fifth 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. While our staffing remains low, we have brought in top level marketing executives who will continue to build our Bank in deposits and loans.”
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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