LOS ANGELES--(BUSINESS WIRE)--Pacific Commerce Bank (PFCI) today reported that it has been fully released from the Written Agreement issued by the Federal Reserve Bank in August 2011, effective August 28, 2013.
“The Board of Directors of Pacific Commerce Bank is pleased with the release of the Written Agreement and Consent Orders, which will allow us to focus our attention on the strategic initiatives of measured organic growth and targeted acquisitions to build shareholder value in Pacific Commerce Bank”
Full compliance with all requirements of the Written Agreement has been achieved and no further enforcement actions are in place. On July 8, 2013, the California Department of Business Oversight, formerly known as the Department of Financial Institutions released the Bank from its Consent Orders that had been in place since September 2011.
CEO Scott R. Andrews commented, “Release of the Written Agreement completes the turnaround for Pacific Commerce Bank and sets us on the path towards implementation of our strategic plan of growth by acquisition coupled with organic growth in the markets we serve throughout Southern California. In addition to our current branch locations in Downtown and West Los Angeles, expansion plans for a branch location in San Diego are underway, and with the improved and consistent financial performance of the Bank, the future looks very bright.”
“The Board of Directors of Pacific Commerce Bank is pleased with the release of the Written Agreement and Consent Orders, which will allow us to focus our attention on the strategic initiatives of measured organic growth and targeted acquisitions to build shareholder value in Pacific Commerce Bank,” commented Chairman Thomas Iino.
Pacific Commerce Bank is exceptionally well capitalized and poised for future growth opportunities. The Bank’s regulatory capital ratios as of June 30, 2013 are as follows:
|Tier 1 Leverage Ratio:||13.77||%|
|Tier 1 Risk-Based Capital Ratio:||17.34||%|
|Total Risk-Based Capital Ratio:||18.62||%|
For the six months ended June 30, 2013, net income was $802,000 or $0.18 per share, which compares to net income of $483,000 or $0.11 per share for the same period in 2012. Asset quality continues to improve with significant reductions in non-performing loans to less than 1.00% of total loans. Non-performing assets have reduced to less than 2.00% of total assets, and non-accrual loans total $548M.
About Pacific Commerce Bank
Established in 2002, Pacific Commerce Bank is a business-oriented community bank with offices in downtown Los Angeles and West Los Angeles. Founded by local business owners and professionals, the Bank is focused on meeting the diverse financial needs of its clients, and offers a full range of loan, deposit and treasury management products. Information about the Bank can be obtained on its website: www.pacificcommercebank.com
Forward Looking Information
The financial information in this press release is based on unaudited financial results. Certain statements in this press release are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements are subject to risks and uncertainties and therefore the bank's actual results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that the bank is subject to include, but are not limited to, risks related to the local and national economy, including fluctuations in interest rates and costs and changes in economic policy; the ability of the bank to perform in accordance with its plans; competition; and regulatory matters. The bank cautions readers not to place undue reliance on any forward-looking statements. The bank does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.