California Republic Bank Announces Strong Initial Results for Its First
full Quarter Ended March 31, 2008
NEWPORT BEACH, Calif. (Business Wire EON) April 29, 2008 --
California Republic Bank (CRB) (OTCBB:CRPB) announced results for the
three months 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.
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