Business, Free News Articles

Bank of Southern California NA Funds More Than $487.8 Million in PPP Loans

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL), a community business bank headquartered in San Diego, announced today that it has funded more than $487.8 million in Paycheck Protection Program (PPP) loans. These results, as of 9:30 p.m. PDT on May 7, 2020, provided 1,940 local businesses affected by the Coronavirus (COVID-19) with critical financing to retain or restore jobs for 51,523 individuals.

The Paycheck Protection Program provides small businesses with financial resources to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. As an SBA Preferred Lender, Bank of Southern California felt a fundamental responsibility to support the business community and offered PPP loans to both customers and non-customers. Through this approach, the Bank was able to help even more businesses obtain funding, resulting in many new banking relationships.

Nathan Rogge, President and CEO of Bank of Southern California said, "Our employees continue to demonstrate their commitment and dedication to the business community-working around the clock to deliver for those in need. I am proud of the impact Bank of Southern California has made in providing vital funds to support small businesses and our local communities. As we look to the future, we will continue to build upon these new relationships and provide long-term value for our clients."

Bank of Southern California is still accepting PPP loan applications for Southern Californian businesses. To apply, visit us online at https://www.banksocal.com.

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County.

For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL

Related link: https://www.banksocal.com/

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Business, Free News Articles

Bank of Southern California, N.A. Announces Q1 2020 Results and Response to Pandemic

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the first quarter ended March 31, 2020. Total assets increased to $852 million at March 31, 2020, up from $830 million in the prior quarter and an increase of 10.8% compared to March 31, 2019. Total loans increased to $683 million and total deposits increased to $689 million from $629 million and $636 million, respectively, at March 31, 2019. Net income for the quarter ended March 31, 2020, was $1.91 million, compared to $1.64 million in Q4 2019 and $1.85 million in Q1 2019.

First Quarter 2020 Highlights
* Q1 2020 on track as Bank responds to pandemic
* Reorganization into Southern California Bancorp approved by shareholders
* CalWest Bancorp acquisition closing in Q2, pending shareholder approval

Nathan Rogge, President and CEO of Bank of Southern California said, "While we are pleased with our first quarter results, we are more focused on the current environment and supporting small businesses and communities impacted by the Coronavirus (COVID-19) while remaining financially strong and positioning for growth." The Banks' focus on small business is reflected in first quarter results in C&I lending, which is up 19% in outstandings compared to the first quarter of the prior year, and also in undisbursed C&I commitments, which increased 25% during the same period. Non-interest bearing demand deposits, another reflection of our small business focus, have increased 26% compared to the first quarter of 2019.

"As we navigate these unique times, we remain committed to executing upon our strategic plan and supporting Southern California's business community. Most recently, we were able to assist customers and non-customers in obtaining critical funding in response to the Paycheck Protection Program (PPP). By the end of the first round, we helped over 900 local businesses secure PPP loans, thus providing over 35,000 jobs" concluded Rogge. The Bank also remains focused on our strategic merger with CalWest Bank, which will provide an expanded branch presence covering Orange County and the Inland Empire and well as operational synergies so we may better serve the business community.

John Farkash, Chairman of the Board said, "Aside from the solid first quarter results, I am proud of the impact our Bank has made in supporting small businesses and helping to restore our local economies. We look forward to growing our relationships with these new businesses as we look ahead and recover from this pandemic."

Additional Financial Highlights and Response to the Pandemic
With the onset of the world-wide coronavirus pandemic in the middle of March, Bank of Southern California has been taking measures to closely monitor its loan portfolio, operations, liquidity and capital resources while actively working to minimize the current and future impact of this unprecedented situation. While the full impact of the pandemic is not known at this time, the following highlights pertinent information in the Bank's response.
* Operations - While all branch offices remain operational, for the safety of our employees and customers, our branch offices have reduced hours and we highly encourage drive-through, where available, remote banking, and internet banking. We have installed protective shields at service areas and social distancing protocols have been implemented.
* Capital resources - The Bank closed a private placement of common stock in December 2019 in connection with its pending acquisition of CALWest Bancorp. The Bank's capital ratios at March 31, 2020 - 12.5% tier 1 leverage ratio and 16.5% total risk-based capital - are considered very strong and the Bank will remain "well-capitalized" after closing the pending merger.
* Liquidity - The Bank has sufficient liquidity resources to meet its customer's needs. In addition to balance sheet liquidity of over 10% of assets, the Bank has access to liquidity facilities from other banks, including the Federal Home Loan Bank of San Francisco, at which the Bank has over $100 million available borrowing capacity at March 31, 2020.
* Loan Portfolio - While nonperforming loans continue to be low as of March 31, 2020, which is consistent with prior quarters, the Bank has been working to assist its credit customers and minimize the Bank's exposure to potential loss given the current environment. Following is certain information and actions which have been taken regarding the Bank's credit portfolio.
o Risk Portfolio - The Bank's exposure to certain high-risk industries follows:

IndustryBalanceNumber
Hospitality (hotel/motel)$17,400,0005
Restaurant and food service15,000,00033
Oil and Gas00
Total$32,400,00038

o Since the end of March, the Bank has been actively engaging with its customers to maintain relationships and provide a bridge to economic recovery. The Bank has worked with the SBA to secure payment relief for dozens of SBA loan customers. Furthermore, the Bank has received and is granting numerous deferment requests for 3 to 6-month periods to assist borrowers during the economic slowdown.
* The CARES Act Payroll Protection Program ("PPP") - The Bank's focused efforts on assisting small businesses with obtaining PPP loans resulted in over 900 loans approved by the SBA for over $350 million and related loan fees of over $9 million (to be accreted over the term of the loan). This extraordinary effort has secured existing customers and created strong goodwill with new customers and in the community as the Bank continues to support small business during the second round of PPP, which is currently underway.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

About Bank of Southern California
A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles. For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

Forward-Looking Statements
This news release may contain comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) and Bank of Southern California intends for such forward-looking statements to be covered by the safe harbor provisions of that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, in this news release. Factors that might cause such differences include, but are not limited to: the impact of the Coronavirus (COVID-19) on the economy and the Bank; the ability of the Bank to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; changes in banking legislation or regulation; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy.
Bank of Southern California undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)

Quarterly 1st Qtr Prior Years
($$ in thousands except per share data)2020 2019 2019 2019 2019  2018 2017
1st Qtr4th Qtr3rd Qtr2nd Qtr1st Qtr 1st Qtr1st Qtr
EARNINGS
 Net interest income$7,9857,7367,7957,6257,6984,8513,919
 Provision for loan losses$300200300200300300169
 NonInterest income$7473216955194201,098404
 NonInterest expense$5,6945,5125,7115,7055,1984,0532,972
 Income tax expense$827709763667771524472
 Net income$1,9111,6361,7161,5721,8491,072710
 Basic earnings per share$0.200.190.200.190.220.200.14
 Average shares outstanding9,408,9408,578,1028,410,5228,410,5228,409,2725,281,2975,140,497
 Ending shares outstanding9,412,6909,405,1908,410,5228,410,5228,410,5226,953,7205,140,497
PERFORMANCE RATIOS
 Return on average assets0.90%0.79%0.87%0.82%0.99%0.90%0.67%
 Return on average common equity6.30%5.93%6.37%6.02%7.30%8.53%6.37%
 Yield on loans5.32%5.23%5.44%5.59%5.66%5.13%4.89%
 Yield on earning assets4.76%4.88%5.21%5.24%5.36%4.78%4.27%
 Cost of deposits0.78%0.88%0.99%0.98%0.96%0.53%0.34%
 Net interest margin3.98%4.01%4.24%4.28%4.41%4.27%3.95%
 Efficiency ratio65.21%68.42%67.26%70.05%64.03%68.13%68.75%
CAPITAL
 Tangible equity to tangible assets12.48%12.58%10.83%11.62%11.29%14.14%10.24%
 Book value (BV) per common share$13.0012.8112.7712.5612.3010.798.83
 Tangible BV per common share$11.0510.8510.5610.3410.0710.598.54
ASSET QUALITY
 Net loan charge-offs (recoveries)$(11)(11)36(9)(7)(9)(54)
 Allowance for loan losses (ALLL)$5,6745,3635,1534,8884,6793,3853,143
 ALLL to total loans0.83%0.79%0.75%0.78%0.74%0.83%0.90%
 Loan fair value credit marks (LFVCM)$1,6491,9062,0302,2492,4797591,311
 ALLL and LFVCM to total loans1.07%1.07%1.05%1.14%1.14%1.01%1.28%
 Nonperforming loans$1,4331,9112,2252,0333,2981,2722,040
 Other real estate owned$000000146
 Nonperforming assets to total assets0.17%0.23%0.27%0.27%0.43%0.24%0.51%
END OF PERIOD BALANCES
 Total loans$683,195676,655684,717623,424628,538409,196349,348
 Total assets$852,052830,186839,060766,730768,823522,118430,334
 Deposits$688,946671,914692,899632,246635,676444,300382,991
 Loans to deposits99.17%100.71%98.82%98.60%98.88%92.10%91.22%
 Shareholders' equity$122,377120,523107,400105,619103,48175,01645,367
 Full-time equivalent employees929796100967365
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$676,825678,015664,946623,541629,799403,693332,308
 Earning assets$803,804766,012730,165714,889707,920460,636402,698
 Total assets (net of AFS valuation)$855,397818,989783,043766,960755,842484,628426,831
 Deposits$696,341671,443641,867633,478628,950425,641379,957
 Shareholders' equity$121,773109,464106,853104,745102,70750,98345,175
 

Related link: https://www.banksocal.com/

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Business, Free News Articles

Bank of Southern California, NA and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Changes to Merger Agreement

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) and CalWest Bancorp (OTCBB: CALW), today announced that they have renegotiated the terms of their merger and have agreed to amend the initial Definitive Agreement announced on October 21, 2019 following shareholder meetings held on April 22, 2020.

The economic effects of COVID-19 prompted Bank of Southern California's shareholders to pause and adjourn their voting to pursue an amended merger agreement. According to the terms of the amended agreement, BCAL's all-cash offer is now $0.35 per CALW share compared to the initial Definitive Agreement which offered $0.43 per share. The amendment to the initial Definitive Agreement is expected to be presented to shareholders in mid-May with an expected close on May 29, 2020 pending all regulatory approvals.

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, California, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County. For more information, please visit https://www.banksocal.com or call (858) 847-4780.

About CalWest Bancorp

CalWest Bancorp is the holding company of CalWest Bank, a community bank recognized for its exemplary service to entrepreneurs, high net worth individuals and non-profit organizations located throughout Southern California. The Bank serves the business community through its four branches located in Rancho Santa Margarita, Irvine, Huntington Beach and Redlands. For more information, please visit https://calwestbancorp.com/ or call 949.766.3006.

Forward-Looking Statements

This news release may contain comments or information that constitute forward‐looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), and Bank of Southern California and CalWest Bancorp intend for such forward‐looking statements to be covered by the safe harbor provisions of that Act. These include statements as to the anticipated benefits of the merger, including future financial and operating results, cost savings and enhanced revenues that may be realized from the merger as well as other statements of expectations regarding the merger and any other statements regarding future results or expectations.

Forward‐looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs, such as "will," "would," "should," "could," or "may." Forward‐looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict. Forward‐looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors which could have a material effect on the operations and future prospects of each of Bank of Southern California and CalWest Bancorp and the resulting company, include but are not limited to: the businesses of Bank of Southern California and/or CalWest Bancorp may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; revenues following the merger may be lower than expected; customer and employee relationships and business operations may be disrupted by the merger; the ability to obtain required regulatory and shareholder approvals, and the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or costly than expected; the ability of the Bank of Southern California to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; the degree of competition by traditional and non‐traditional competitors; changes in banking legislation or regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy. Bank of Southern California undertakes no obligation to update or clarify forward‐looking statements, whether as a result of new information, future events, or otherwise.

Additional Information About the Merger

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote for approval of the merger. In connection with the proposed merger a joint proxy statement was provided to the shareholders of both institutions which provided detailed information about the merger and the two institutions. Shareholders are encouraged to read the joint proxy statement carefully before voting on the merger. The directors, executive officers, and certain other members of management and employees of Bank of Southern California and CalWest Bancorp may be deemed to be participants in the solicitation of votes to approve the merger. Additional information regarding the interests of those participants and other persons who may be deemed participants in the merger may be obtained by reading the joint proxy statement.

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Related link: https://www.banksocal.com/

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Business, Free News Articles, Software

Alpine Bank Selects CompenSafe by LBA Ware for Efficient, Accurate and Scalable Compensation Plan Management

MACON, Ga. -- LBA Ware™, a leading provider of incentive compensation management (ICM) and business intelligence software solutions for the mortgage industry, announced that full-service community bank Alpine Bank has implemented CompenSafe™ to automate incentive compensation for its mortgage loan originators and fulfillment staff.

Headquartered in Glenwood Springs, Colorado, Alpine Bank's mortgage division serves the home purchase and refinance needs of borrowers throughout the state's Western Slope and Front Range regions. The bank offers monthly commission opportunities to its 16 mortgage loan originators and awards per-file bonuses to processing, closing and underwriting staff. Although the mortgage division is small, Alpine Bank has a variety of compensation plans that pay out differently depending on the originator's experience and how established they are in the market.

Managing, calculating and communicating incentive compensation back to employees used to be something Mortgage Division President Dave Roberts did manually, but since the beginning of the year, Alpine Bank has been using LBA Ware's CompenSafe to complete those processes more efficiently and with greater accuracy.

"Calculating commissions and bonuses using spreadsheets is time-consuming and, like all manual processes, subject to fat-finger mistakes," Roberts said. "CompenSafe eliminates the opportunity for error by capturing pipeline information directly from our loan origination system. Pay is calculated automatically and available for employee review at the same time each month, like clockwork, no matter what else is on my plate."

"CompenSafe helps lending operations of every size transform incentive compensation from a process that's a drag on resources to one that is pinpoint accurate and effortlessly scalable," said LBA Ware Founder and CEO Lori Brewer. "It's a perfect match for a community bank like Alpine that remains rooted in values like service and transparency even as it continues to modernize and grow."

About Alpine Bank:

Employee-owned and locally operated, Alpine Bank is a full-service community bank that has been a part of Colorado since 1973. With 40 convenient locations from Durango to Denver, including Front Range branches in Denver and Boulder, Alpine Bank serves 140,000 customers with personal, business, wealth management, mortgage and electronic banking services. Alpine Bank's employees and managers, many of whom have been with the bank for 10 years or longer, share a commitment to remaining a true community bank offering localized and dedicated service. For more information, visit https://www.alpinebank.com/.

About LBA Ware™:

LBA Ware is a leading provider of cloud-based software for mortgage lenders. Since 2008, LBA Ware has been on a mission to help mortgage companies reach new heights with software that integrates data, incentivizes performance and inspires results. Today, lenders of all sizes, including some of the nation's top-producing mortgage companies, use LBA Ware's award-winning technology to enhance lender experiences and maximize the human potential within their organizations. A 2019 Inc. 5000 fastest-growing private company, LBA Ware is headquartered in Macon, Georgia. For more information, visit https://lbaware.com.

Twitter: @LBAWare @AlpineBankColo #CompenSafe

Related link: https://go.lbaware.com/

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Business, Education and Schools, Free News Articles

TCF Bank Renews Partnership with the Michigan Chronicle to Invest $100,000 in Detroit Students and Educators

DETROIT, Mich. -- TCF Bank announced today that it will renew its partnership with the Michigan Chronicle to provide scholarships to Detroit high school seniors through the Michigan Chronicle/TCF Bank S.W.A.G. (Students Wired for Achievement and Greatness) Scholarship Awards. For 2020, the bank will award scholarships between $5,000 and $20,000 per student to 15 awardees.

Launched in 2015, the S.W.A.G. Scholarship Awards were created to ensure that more Detroit students who demonstrate leadership in areas other than academics have access to scholarships. The scholarship program is open to current high school seniors who live in Detroit and attend a Detroit Public School Community District high school, or a charter school located within the city.

Applying students must be planning to attend college or a trade school in the Fall of 2020, have a grade point average ranging from 2.25-3.2, and have demonstrated a commitment to community, service and integrity.

"The S.W.A.G. Scholarship Awards are a continuing opportunity for our bank to further enhance our commitment to the future of the young men and women of Detroit," said Gary Torgow, Executive Chairman of TCF Financial Corporation. "Over the years of the S.W.A.G. scholarship program, the recipients have become connected to our TCF family through internship opportunities and our continued involvement in their education.

"It is no secret that the cost of higher education, be it a trade program, community college, or four-year institution, places the opportunity out of reach for many of our children, says Hiram Eric Jackson, publisher of the Michigan Chronicle. "That challenge is magnified exponentially for those students who despite demonstrating undeniable leadership skills, may not be the highest academic achievers. That's where The S.W.A.G. Awards come in," continues Jackson. "The S.W.A.G. Awards are about giving the average student who works hard, gives back, and shows leadership in other areas that extra push towards success."

Since the program inception, TCF, formerly Chemical Bank, has invested more than $400,000 in the S.W.A.G. program, alongside its other investments in the city including the Strategic Neighborhoods Fund, the renaming of the TCF Center, and most notably the development of an all-new headquarters site in downtown Detroit, highlighting the bank's commitment to reinvest in the communities it serves.

New for 2020, school professionals including teachers, coaches, counselors, and other education professionals, at qualifying schools can also secure a S.W.A.G. Awards school improvement grant through the program's new Influencer Award. Five $1,000 grants will be awarded. Candidates for the awards will be identified by principals, students, and parents who nominate the individuals that go above and beyond for their students.

Applications for the 2020 Michigan Chronicle/TCF Bank S.W.A.G. Scholarship Awards opened February 24, 2020. The deadline for submissions is March 31, 2020 at 11:59 p.m. ET.

Students, teachers, and parents interested in learning more should visit https://michiganchronicle.com/swagawards/.

MEDIA CONTACT:
TANISHA LEONARD
RTM360
tleonard[at]realtimesmedia.com
313-752-3548

Related link: https://michiganchronicle.com/

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Business, Free News Articles, Software

GreenState Credit Union Drives First-Lien Mortgage Production with the Help of SimpleNexus

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, announced that loan officers (LO) at GreenState Credit Union (GreenState) are using the SimpleNexus digital mortgage app to achieve record first mortgage production. In 2019, GreenState's 26 LOs produced more than 7,600 first-lien mortgage units, exceeding the lender's previous best by 1,600 units despite having fewer support staff on payroll.

GreenState adopted SimpleNexus in 2018 to streamline the lending process and improve its online lending functionality. Now the lender receives 63 percent of all mortgage applications through the SimpleNexus platform, amounting to more than 10,000 applications per year.

In addition to enabling GreenState to collect more loan applications, SimpleNexus has also helped the lender move those applications forward more quickly. Once borrowers complete an application, SimpleNexus prompts them to upload and submit verification documents right from their mobile phone or other web-enabled device. Similarly, LOs can review applications, order credit reports and send pre-approval letters from their preferred device, even if they're not in the office.

"I was a loan officer for 15 years, so every time I look at technology, I do it from the perspective of what we would need if I was still lending," said Ryan Doehrmann, vice president of mortgage lending at GreenState. "When we saw that our LOs could pull up an application, pull credit and send a pre-approval letter from a phone or tablet, we were sold. That kind of agility is a huge advantage - especially if your competition doesn't have it."

"SimpleNexus prides itself in building a product that helps our customers achieve measurable ROI while improving their teams' quality of life," said SimpleNexus Founder and CEO Matt Hansen.

"We have enjoyed partnering with GreenState Credit Union to bring its loan officers a more agile way to review loan applications and guide borrowers to close."

About GreenState Credit Union:

GreenState Credit Union, formerly known as University of Iowa Community Credit Union, is a member-owned financial cooperative with 19 office locations. Since 1938, GreenState Credit Union has grown to become the largest credit union in Iowa, with almost $6 billion in assets and 205,000 members. GreenState Credit Union's "members first" philosophy has enabled it to be consistently ranked in the top 1% nationally for Return to Member.

About SimpleNexus, LLC:

SimpleNexus is the digital mortgage platform that enables lenders to originate and process loans from anywhere. The company's best-in-class, easy-to-use app connects loan officers to their borrowers and real estate agents to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals and sign disclosures - all on the go.

Twitter: @SimpleNexus @GreenStateCU #digitalmortgage

Related link: https://simplenexus.com/

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Advertising and Marketing, Business, Free News Articles

Allegent FCU steps up to the Reese’s Peanut Butter Cup Challenge, Cranberry Twp., Pennsylvania

WEXFORD, Pa. -- Capturing the buzz of a current Hershey's Reese's Peanut Butter commercial spot - Allegent FCU actually sells Reese's Peanut Butter Cups at a financial institution! The Hershey Company's branded Reese's spot teased the Federal Credit Union into accepting the challenge and partnering with Reese's in fulfilling the commercial spot's thought: that Reese's are "sold literally everywhere business is done, I'm pretty sure you could buy them at a bank."

You can view the spot here:
https://youtu.be/dHYB9qBAiBs

Mark Bruno, Vice President of Allegent, states, "We love to partner with other successful and grounded companies. We viewed the commercial and said, lets act on it, were all about the buzz."

In another statement, Allegent CEO Angelo Lucatorto adds to the conversation, "We're all about the community, and yes, we are an integral part of the Credit Union industry with deep, financially-sound, responsible roots, but our staff likes a fun-loving challenge as well."

Proceeds from the sales benefit St. Jude Children's Research Hospital.

About Allegent Federal Credit Union:

Allegent Community Federal Credit Union, formerly known as Allegheny Co. (PA) U.S. Government Employees Federal Credit Union, was chartered on March 7, 1935. Since 1935, the credit union has grown to over 14,000 members, many locations, and over 140 million in assets. Their mission is to be a full-service financial institution and to continuously strive to provide their members with an ever-growing range of quality products and services mixed with one-on-one personal attention that everyone deserves, all while maintaining a safe and sound credit union.

For more info visit https://www.allegentfcu.org/

Related link: https://www.allegentfcu.org/

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Business, Construction and Building, Free News Articles, Product Launches

Velocity Credit Union commits to downtown Austin with construction of its new branch

AUSTIN, Texas -- Velocity Credit Union, a fixture of the Austin financial scene since 1947, has begun site preparation for its new branch office in downtown Austin. To be located on the southeast corner of 12th and Sabine Streets, the new facility is being built immediately across Sabine Street and just to the east of Velocity's current downtown location (610 E. 11th Street). The credit union's headquarters have been at this location for many years. Construction for the new branch is imminent and it is scheduled to be completed in the third quarter of 2020. Once the facility is completed, the old headquarters site will be used for new development.

"We want to assure our members that, in spite of the hardhats, demolition and construction crews they might see, our current downtown office, ATMs and drive-through teller lanes remain fully operational," said Debbie Mitchell, Velocity's president and CEO. "Velocity has operated from our east 12th Street location since 1961 and we remain committed to our downtown members and business relationships. The credit union looks forward to being a vital part of, and partner to those leading, the re-development of the Waller Creek area, the medical center and the evolving residential and entertainment community. This area has been our home for almost 60 years and Velocity Credit Union will continue to serve downtown Austin for many more years to come."

The new branch was designed by Mente Sowell Architects of Austin and will be constructed by Austin Canyon Corporation. At just over 5,000 square feet, the branch will feature a full service lobby, safe deposit box services, and four drive-thru lanes equipped with state-of-the-art Interactive Teller Machines (ITMs). The branch will employ a staff of 8-10, who can handle all member service needs including teller transactions, opening new accounts, wealth management services and loan services.

More information: https://www.velocitycu.com/

About Velocity:

Velocity Credit Union is one of the largest Austin-area credit unions with branches located in Austin, Round Rock and Cedar Park. Chartered in 1947, the institution serves a five-county area, and enjoys a broad and diverse community membership. The credit union employs more than 200 people in the area, has assets of approximately $856 million and serves more than 84,000 members. To learn more about Velocity Credit Union's products and services, visit https://www.velocitycu.com/.

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*Caption: Velocity Downtown Branch Render.

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Business, Free News Articles

Bank of Southern California N.A. Announces Fourth Quarter and Year End 2019 Results

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL) today reported results for the fourth quarter ended December 31, 2019. Total assets ended the year at $830 million at December 31, 2019, an increase of 8.1% compared to December 2018. Total loans increased 6.6% to $677 million and total deposits increased 7.0% to $672 million compared to the prior year as well.

Net income for the quarter ended December 31, 2019, was $1.64 million, compared to $1.72 million in Q3 2019 and $2.00 million in Q4 2018. Earnings for the year ended December 31, 2019, were $6.77 million up 29% from $5.26 million for the year ended December 2018. Diluted earnings per share increased to $0.78 for the year ended December 2019 versus $0.71 in the year ended December 2018.

Fourth Quarter 2019 Highlights
* Announced plan of merger with CalWest Bancorp, expected to close in Q2 2020
* Announced completion of capital offering and plans to form Holding Company

Nathan Rogge, President and CEO of Bank of Southern California said, "We produced solid results for 2019 and continue to increase meaningful loan and deposit relationships while maintaining strong credit quality across our portfolio. Specifically, we reported strong commercial and industrial loan growth, increased non-interest bearing DDA, and a rise in total assets, largely attributed to our recent capital raise."

The Banks' focus on C&I lending is not only reflected in a 14% increase in outstanding C&I loans during the year, but also in undisbursed C&I commitments, which increased 46% during the year. Non-interest bearing demand deposits, increased 22% during 2019, a result of our emphasis on relationship-based banking.

"As we enter 2020, we remain focused on advancing and driving growth in the Southern California market. Our strategic merger with CalWest Bank will provide us with an expanded branch presence covering Orange County and the Inland Empire as well as operational synergies and efficiencies, thus allowing us to better serve the business community. The merger is anticipated to close in the second quarter of 2020," concluded Rogge.

John Farkash, Chairman of the Board said, "We are pleased to report another solid quarter to close out 2019. The Bank has achieved good momentum in executing our strategy and moving towards a relationship-focused approach to banking. As we look ahead, we remain focused on driving long-term value for our customers and shareholders."

Additional Financial Highlights
* Total loans decreased $8 million during the 4th quarter to $677 million at quarter end; the reduction was primarily related to construction loans, which declined $10 million during the quarter as projects paid off as planned. The pace of total loan payoffs slowed in the second half of 2019 to $37 million, down from the $62 million pace set in the first six months of the year. Compared to the first half of the year, new loan origination units increased by 28% in the second half of the year resulting in $155 million in total gross loan commitments in 2019.
* During 2019, the Bank has focused on improving its core deposit portfolio. This is not only reflected in the 22% growth in noninterest-bearing demand (DDA) during 2019, but also in the growth of money market deposits, which increased $26 million, or 12%, during 2019. This core deposit growth allowed the Bank to decrease reliance on higher cost time deposits, which declined 9% during 2019.
* Noninterest expenses grew $3.6 million in 2019 compared to 2018. However, both years include non-recurring costs associated with merger and restructuring expenses, $2.1 million in 2018 related to the merger with Americas United Bank, and $592k in 2019 associated with the plan of merger with CalWest Bank.
* Nonperforming assets continue to be very low and were 0.23% of total assets at December 31, 2019, compared to 0.60% at December 31, 2018. The allowance for loan losses (ALLL) was 0.79% of total loans at December 31, 2019, up from 0.69% at December 31, 2018. When including $1.9 million in loan fair value credit marks (LFVCM), the ALLL and LFVCM represent 1.07% of total loans versus 1.10% at December 31, 2018.

[Quarterly Financial Highlights Table Follows]

More details about our quarterly results are available on our website and through the following link to our most recent quarterly results and trends: https://www.banksocal.com/about-us/financials.

About Bank of Southern California
A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, California, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles.

For more information, please visit https://www.banksocal.com/ or call (858) 847-4780.

Forward-Looking Statements
This news release may contain comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) and Bank of Southern California intends for such forward-looking statements to be covered by the safe harbor provisions of that Act.
Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the ability of the Bank to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking legislation or regulation; changes in tax laws; changes in prices, levies and assessments; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy.
Bank of Southern California undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Amanda Conover
Bank of Southern California
aconover@banksocal.com
858.847.4762

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

Bank of Southern California

Quarterly Financial Highlights
(Unaudited)
QuarterlyAnnual
($$ in thousands except per share data)2019 2019 2019 2019 2018
4th Qtr3rd Qtr2nd Qtr1st Qtr4th Qtr2019 2018
EARNINGS
 Net interest income$7,7367,7957,6257,6988,03130,85424,900
 Provision for loan losses$2003002003004501,0001,600
 NonInterest income$3216955194205261,9542,803
 NonInterest expense$5,5125,7115,7055,1985,27922,12518,571
 Income tax expense$7097636677718232,9102,274
 Net income$1,6361,7161,5721,8492,0056,7735,258
 Basic earnings per share$0.190.200.190.220.240.800.74
 Average shares outstanding8,578,1028,410,5228,410,5228,409,2728,402,2518,452,1047,091,176
 Ending shares outstanding9,405,1908,410,5228,410,5228,410,5228,408,0229,405,1908,408,022
PERFORMANCE RATIOS
 Return on average assets0.79%0.87%0.82%0.99%1.07%0.87%0.87%
 Return on average common equity5.93%6.37%6.02%7.30%7.91%6.39%6.57%
 Yield on loans5.23%5.44%5.59%5.66%5.63%5.47%5.39%
 Yield on earning assets4.88%5.21%5.24%5.36%5.40%5.17%5.01%
 Cost of deposits0.88%0.99%0.98%0.96%0.84%0.95%0.70%
 Net interest margin4.01%4.24%4.28%4.41%4.59%4.23%4.36%
 Efficiency ratio68.42%67.26%70.05%64.03%61.70%67.44%67.04%
CAPITAL
 Tangible equity to tangible assets12.58%10.83%11.62%11.29%11.01%12.58%11.01%
 Book value (BV) per common share$12.8112.7712.5612.3012.0612.8112.06
 Tangible BV per common share$10.8510.5610.3410.079.8110.859.81
ASSET QUALITY
 Net loan charge-offs (recoveries)$(11)36(9)(7)(0)9303
 Allowance for loan losses (ALLL)$5,3635,1534,8884,6794,3735,3634,373
 ALLL to total loans0.79%0.75%0.78%0.74%0.69%0.79%0.69%
 Loan fair value credit marks (LFVCM)$1,9062,0302,2492,4792,5941,9062,594
 ALLL and LFVCM to total loans1.07%1.05%1.14%1.14%1.10%1.07%1.10%
 Nonperforming loans$1,9112,2252,0333,2984,5741,9114,574
 Other real estate owned$0000000
 Nonperforming assets to total assets0.23%0.27%0.27%0.43%0.60%0.23%0.60%
END OF PERIOD BALANCES
 Total loans$676,655684,717623,424628,538634,651676,655634,651
 Total assets$830,186839,060766,730768,823767,948830,186767,948
 Deposits$671,914692,899632,246635,676627,816671,914627,816
 Loans to deposits100.71%98.82%98.60%98.88%101.09%100.71%101.09%
 Shareholders' equity$120,523107,400105,619103,481101,360120,523101,360
 Full-time equivalent employees979610096949794
AVERAGE BALANCES (QTRLY) | | (YTD)
 Total loans$678,015664,946623,541629,799627,544649,251495,252
 Earning assets$766,012730,165714,889707,920694,190729,844571,450
 Total assets (net of AFS valuation)$818,989783,043766,960755,842741,463781,386604,727
 Deposits$671,443641,867633,478628,950626,433644,045517,546
 Shareholders' equity$109,464106,853104,745102,707100,500105,96380,078

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Business, Free News Articles, Funding and Investment

Bank of Southern California, N.A. Completes Capital Offering and Plans to Form Holding Company

SAN DIEGO, Calif. -- Bank of Southern California, N.A. (OTC Pink: BCAL / OTCMKTS: BCAL), a community business bank headquartered in San Diego, announced today the successful completion of a capital raise of approximately $12 million through the issuance of common stock in a private placement to institutional and accredited individual investors at a price of $12.00 per share. The Bank also announced its plans to reorganize into a holding company, Southern California Bancorp, subject to shareholder and regulatory approval.

The new capital was raised in connection with the Bank's pending acquisition of CalWest Bancorp (OTCBB: CALW / OTCMKTS: CALW), the holding company for CalWest Bank, previously announced in October. Bank of Southern California entered into a definitive agreement with CalWest Bancorp on October 21, 2019, which is expected to close in the first half of 2020, subject to customary closing conditions. The Bank is forming a holding company, Southern California Bancorp, to facilitate the CalWest transaction and to support the Bank's future growth. In addition to helping facilitate the new holding company's funding of the all-cash acquisition, the capital raise will further support the Bank's successful strategy of driving both organic growth and increasing its geographic footprint throughout Southern California.

Nathan Rogge, President and CEO of Bank of Southern California stated that proceeds from the offering will be used to strengthen the Bank's balance sheet and further support its expansion in the Southern California market. "We are pleased with the capital raise effort and will begin 2020 with additional capital to execute our growth strategies," Rogge added. "The strong interest that we received from individual and institutional investors demonstrates the investment community's endorsement and confidence in Bank of Southern California's performance and future value."

The Bank was represented by MJC Partners, LLC, who served as the sole placement agent for the offering.

About Bank of Southern California

A growing community bank, established in 2001, Bank of Southern California, N.A., with headquarters in San Diego, CA, is locally owned and managed, and offers a range of financial products to individuals, professionals and small-to-medium sized businesses. The Bank's solution-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. The Bank currently operates eleven branches in San Diego County, Los Angeles County, Orange County, and the Coachella Valley in Riverside County, as well as a production office in West Los Angeles. For more information, please visit https://www.banksocal.com or call (858) 847-4780.

About MJC Partners, LLC

MJC Partners, LLC is a leading Los Angeles-based boutique investment banking and advisory firm providing a full range of strategic, transactional, and valuation-related services to our clients across multiple industry groups. For more information about MJC Partners, visit http://www.mjcpartners.com/.

Forward-Looking Statements

This news release may contain comments or information that constitute forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995), and Bank of Southern California intends for such forward-looking statements to be covered by the safe harbor provisions of that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate, "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs, such as "will," "would," "should," "could," or "may." Forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict. Forward-looking statement involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include but are not limited to: the ability of the Bank to successfully execute its business plan; changes in interest rates and interest rate relationships; changes in demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking legislation or regulation; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; and changes in the national and local economy. Bank of Southern California undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events, or otherwise.

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Tickers: OTC Pink:BCAL / OTC:BCAL / OTCMKTS:BCAL / OP: BCAL / OTC:CALW

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