Quarterly Fincancial Press Release: 4th 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 4th Quarter Results
Woodland Hills, Calif., January 22, 2008 – WCB Holdings, Inc., stock symbol (OTCBB: WCBH), located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its fourth quarter of 2007 financial results. As of December 31, 2007, consolidated total assets were $91.4 million including $76.3 million in gross loans, and total deposits of $78.5 million. For the quarter ended December 31, 2007 the holding company showed a profit of $72,000. Year-to-date losses for 12 months ending December 2007 were $619,000. The holding company has incurred non-interest expenses totaling $30,000 for the twelve months ending December 31, 2007.
WCB, a wholly-owned subsidiary of WCB Holdings, Inc. recognized $49,000 and $186,000 in non-cash stock option compensation expenses, and provided $70,000 and $473,000 in loan loss provision for the quarter and year-to-date (12 months) ending December 31, 2007, respectively. The loan portfolio remains strong with no past dues and no losses.
Carl W. Raggio, III, President and CEO, said “I am thrilled to report we have reached our goal of profitability before the year end. Through our staff’s hard work and the market’s continued and growing interest in banking with us, we achieved profitability in less than eight full quarters. 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.”
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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