Quarterly Fincancial Press Release: 3rd Quarter 2007
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 3rd Quarter Results
Woodland Hills, Calif., October 31, 2007 – WCB Holdings, Inc., stock symbol (OTCBB:WCBH), located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its third quarter of 2007 financial results. As of September 30, 2007, consolidated total assets were $73.9 million including $63.4 million in gross loans, and total deposits of $61.2 million. For the quarter ended and the year-to-date (9 months) September 2007, consolidated net losses were $111,000 and $671,000, respectively. The holding company has incurred non-interest expenses totaling $14,000 for the nine months ending September 30, 2007.
WCB, a wholly-owned subsidiary of WCB Holdings, Inc. recognized $51,000 and $137,000 in non-cash stock option compensation expenses, and provided $110,000 and $403,000 in loan loss provision for the quarter and year-to-date (9 months) ending September 30, 2007, respectively. Our loan portfolio remains strong with no past dues and no losses.
Carl W. Raggio, III, President and CEO, said “We have continued the strong growth in our sixth 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 has been and will be 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 effect of which is being felt now.”
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 that have been questioned, lately.
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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