NEWPORT BEACH, Calif.--(BUSINESS WIRE)-- California Republic Bank (CRPB) (OTCBB:CRPB) which opened for business on December 5, 2007, completed its second full year of operations with a record of $277.8 million in total assets.
"Not only are we proud to have achieved these growth results, but having done so in this economic environment, while maintaining no non-performing assets and growing with all core deposits, is a testament to our strong credit culture and our proven business model," said the bank’s President Jon Wilcox.
California Republic Bank finished the year ending December 31, 2009 with total loan commitments of $188.3 million, compared to $108.6 million at year end 2008, or an increase of $79.7 million or 73.4% over the prior year. Loan outstandings were $147.3 million, compared to $74.7 million for the prior year for an increase of $72.6 million or 97.2%. The bank also reported zero non-performing loans, zero past dues, zero charge-offs and no late loan payments since inception. Total deposits at year end December 31, 2009 were $231.3 million compared to $119.1 million at year end 2008, an increase of $112.2 million or 94.2%. Deposits were comprised of $51.0 million of non-interest bearing demand accounts compared to $24.0 million the prior year, an increase of $27.0 million or 112.0%, and core interest-bearing deposits of $180.3 million compared to $95.1 million the prior year, representing an increase of $85.2 million or 89.6%. The bank reported that it had no non-relationship based or “hot” money deposits. At year end, the bank reported a Tier I capital to risk-weighted assets ratio of 29.8%, which compares to the FDIC requirement of 6% to be considered a "well capitalized" bank. The bank also reported a strong liquidity position equal to 46% of its assets at year end.
John DeCero, Vice Chairman of the Board stated: "We remain diligent and prudent in our growth, which continues to be fueled by very experienced and capable bankers who have built solid, long-term relationships with quality customers throughout Southern California."
California Republic Bank reported that throughout 2009, in addition to strong loans and deposits, it continues to build a base for its future growth. "In 2009, we continued to build out our infrastructure and product offerings and created a bank with a solid foundation that we can build on for years to come," stated Jon Wilcox.
The bank has released its full unaudited financial statements on its website: CRBNK.com and at the end of this release.
About California Republic Bank:
California Republic Bank is a full service commercial bank. The bank offers direct access to executive management and individualized service delivered through highly qualified Relationship Managers and "state of the art" technology. The bank's clients enjoy the service of a private bank, with the expertise and knowledge of a commercial and real estate bank, providing unmatched responsiveness, capacity and understanding of each client's needs.
For more information, contact Jon Wilcox, President or John DeCero, Vice Chairman at 949-270-9700 in Orange County or 424-230-5400 in Los Angeles. Please also visit our website at www.crbnk.com. The bank's headquarters is located at 1400 Newport Center Drive, Suite 150, Newport Beach, California. The bank's West Los Angeles branch is located at 100 North Crescent Drive, Suite 125, Beverly Hills, CA, 90210.
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.