California Republic Bank Announces Strong Initial Results for Its First full Quarter Ended March 31, 2008
After less than four months of operations since opening as a state chartered financial institution on December 5, 2007, the bank reported total assets of $75,441,000 at the quarter’s end. Investments totaled $62,085,000, and loans totaled $12,241,000. Interest bearing deposits were $21,880,000, and non-interest bearing deposits were $2,965,000. Shareholders’ equity was $50,581,000 after a net loss for the period of $693,000.
The bank opened its doors with a record-setting capitalization of $52,000,000, making it the largest independent full-service commercial bank ever formed in the history of California.
“Despite 2007 being a challenging year for many banks, California Republic Bank, through its Board of Directors and Management team successfully raised $52,000,000 in initial capital. In addition, during that time we received all regulatory approvals, developed all of our initial policies and procedures, established our headquarters in Newport Beach, and hired some of finest experienced bankers in California. While many banks are focused on liquidity and loan problems, we have created a high quality, well capitalized financial institution poised to take advantage of opportunistic market conditions. We have the management, staff and quality products necessary to offer superior service to our client base of small to medium sized businesses, their owners, professionals and successful investors,” said the bank’s CEO Robert Bulseco.
The Bank’s Board of Directors includes individuals from a broad range of backgrounds and experience. Inside board members include long time bankers Robert Bulseco, CEO; John DeCero, Vice Chairman of the Board; and Jon Wilcox, President & COO. Successful Beverly Hills real estate investor, Robert Barth, is the bank’s Chairman of the Board. Directors include Patrick Allen, former President and COO of Roth Capital Partners, a boutique investment bank in Newport Beach, and former Managing Director/Head of Equities at Chase Hambrecht and Quist in San Francisco; John Bendheim, President of Bendheim Homes and Bendheim Enterprises, Inc., also past Chairmen of Cedars-Sinai Board of Governors and is the current Chairman of the Los Angeles Sports and Entertainment Commission; Alexander Cappello, Chairman and CEO of Cappello Group, LLC/Cappello Capital Group, a global merchant banking firm which has completed transactions in 40 countries in excess of $50 billion. Cappello also serves on numerous boards and is the former Chairman of the International Board of The Young Presidents Organization (YPO), a USC Trustee, and President of the USC Alumni Association Board of Governors; John Hagestad, a Managing Partner of SARES-REGIS Group, a West Coast diversified real estate development company with over 21 million square feet of commercial property and 15,000 apartment units under management and development. Mr. Hagestad is also a CPA; J. Scott Watt, President/CEO of the Watt Group of Companies, a diversified real estate development and building company, and former controlling partner of John Laing Homes, which, in 2005, had over $1.1 billion in revenue.
For more information, contact the bank at 949-270-9700 or visit www.crbnk.com. For information regarding the purchase or sale of the bank’s stock, contact Michael Natzic of Stone & Youngberg at 800-288-2811. The bank is located at 1400 Newport Center Drive, Suite 150, Newport Beach, California.
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by the act. These forward-looking statements refer to the Company’s current expectations regarding future operating results, and growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward looking statements. These risks and uncertainties include, but are not limited to (1) the impact of changes in interest rates, a decline in economic conditions, and increased competition by financial service providers on the Company’s results of operation, (2) the Company’s ability to continue its internal growth rate, (3) the Company’s ability to build net interest spread, (4) the quality of the Company’s earning assets, and (5) governmental regulations.
for California Republic Bank
Dan Pittman, 714-282-9994