Quarterly Fincancial Press Release: 4th Quarter 2006
WCB
21550 Oxnard Street, Suite 100
Woodland Hills, CA 91367
Contact: Carl Raggio
President & Chief Executive Officer
(818) 449-7711
WCB Announces 4th Quarter Results
Woodland Hills, Calif., January 17, 2007 – WCB (stock symbol: WCBC), a new independent community business bank, located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its financial results for the quarter ending December 31, 2006. As of December 31, 2006, total assets were $39,451,000 including $31,737,000 in gross loans, and total deposits were $23,309,000. For the quarter ended and the year-to-date (7 months) ended September 30, 2006, net losses were $465,000 and $3,212,000 (including organizational costs of $1,345,000), respectively. In 2006, the Bank adopted FSAS 123, Accounting for Stock-Based Compensation,and recognized $112,000 in non-cash stock option compensation expenses. In addition, the Bank provided $398,000 in loan loss provision for the year ended December 31, 2006.
Carl W. Raggio, III, President and CEO, said “I am pleased with the Bank’s growth for the first 11 months or our third full quarter of operations. We have exceeded goals in our loan production and have kept below budget in our expenses. While the interest rate environment remains a challenge for deposit gathering, we have exceeded our goals in demand and money market deposits. Both our deposit and loan prospect pipelines remain strong as we continue to focus our business on real estate and business clients.”
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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