California Republic Bank announces that it surpassed $200 million in assets in its first 22 months of operations
(BUSINESS WIRE) -— NEWPORT BEACH, Calif. – California Republic Bank (CRB) (OTCBB: CRPB) announced its results for the quarter ending September 30, 2009, citing another successful quarter highlighted by a significant increase in total assets, core deposits and loans.
At September 30, California Republic Bank reported total assets of $212.9 million, an increase of $55.2 million or 35% above total assets as of September 30, 2008. The year-over-year growth in total assets reflects continued strong core deposit growth with total deposits at $166.3 million, a $58.1 million increase from the third quarter of 2008. Non-interest bearing demand deposit accounts grew to $53.9 million, while core interest-bearing deposits grew to $112.3 million.
Total loan commitments were reported at $173.2 million at September 30 with loan outstandings at $139.4 million, representing a $72.2 million increase from the third quarter of 2008. The Bank also reported no non-performing loans, no past due loans, and no charged-off loans since inception.
California Republic Bank reported strong liquidity with liquid investments, mostly in federally backed instruments and fully insured CD investments, totaling $64.6 million as of September 30, 2009. As of quarter end, California Republic Bank‘s Tier 1 Leverage Capital Ratio was reported to be at 24.01% and Total Risk Capital Ratio was reported at 33.23 %, well in excess of the 5% and 10% respectively, required to be considered ‗well capitalized‘ by the FDIC.
“We are again very pleased to have surpassed another important milestone this quarter by achieving over $212 million in assets”, stated Jon Wilcox, President of California Republic Bank. “This growth accentuates the need for a truly business focused, fully integrated commercial, real estate, and private bank with direct access to decision makers who have the ability and capacity to lend.”
“We are thankful for our customers who continue to entrust us with their primary banking relationships”, stated John DeCero, Vice Chairman of California Republic Bank. “They have consistently partnered with us for opportunistic credit in today‘s dynamic but credit constrained environment. The bank continues to grow as originally planned, in a controlled and conservative manner.”
About California Republic Bank:
California Republic Bank is a full-service commercial bank that provides clients direct access to executive management. It strives to provide an atmosphere where successful people can come together and enjoy individualized service tailored and delivered through Relationship Managers that understand their needs. California Republic Bank provides the high-touch service of a private bank with the lending expertise of a commercial and real estate bank. California Republic Bank is headquartered in Newport Beach, Calif., with its regional West Los Angeles branch located in Beverly Hills.
For more information, contact Jon Wilcox, President, or John DeCero, Vice Chairman, at 949-270-9700. The full unaudited financial statement for the quarter can be viewed at www.crbnk.com.
The Board of Directors comprised inside directors Jon Wilcox, Acting CEO and President; John DeCero, Vice Chairman of the Board; outside board members including Robert Barth, Chairman of the Board; John Bendheim, President of Bendheim Enterprises, Inc; Alexander Cappello, Chairman and CEO of Cappello Capital Group; John Hagestad, a Managing Partner of SARES-REGIS Group; J. Scott Watt, President and CEO of the Watt Group of Companies; Bob Din, CEO of En Pointe Technologies; and Marc Brutten, Entrepreneur and CEO of Westcore Holdings, San Diego, California.
For information regarding the purchase or sale of the bank’s stock, contact Michael Natzic of Stone & Youngberg at 800-288-2811.
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.« All Releases