Valley Commerce Bancorp Reports Earnings For Second Quarter 2014

VISALIA, Calif., July 24, 2014 /PRNewswire/ -- Valley Commerce Bancorp, (OTCBB: VCBP), a bank holding company and the parent company of Valley Business Bank, today announced second quarter 2014 net income of $1.5 million or $0.52 per diluted share.  This compared to earnings of $1.6 million, or $0.55 per diluted share, for the second quarter of 2013.  For the six months ended June 30, 2014, the Company reported net income of $2.3 million, or $0.77 per diluted share.  This compared to earnings of $2.4 million, or $0.80 per diluted share, for the six months ended June 30, 2013.

Allan W. Stone, President and Chief Executive Officer, remarked, "Our second quarter and year to date core earnings, comprised primarily of earnings exclusive of adjustments to loan loss reserves, are up approximately $300,000 over 2013.  The major contributor to the increased core earnings was the $17 million increase in year to date average loans outstanding for 2014 compared to 2013.  Due to continued positive trends in the quality of the loan portfolio and recoveries of prior year loan losses we reversed a portion of our allowance for loan and lease losses for the second consecutive year.  We reversed $1.0 million of loss reserves in 2014 and $1.5 million in 2013.  These adjustments were made after thorough consideration of all relevant factors and are not uncommon following a recession.  In the longer term, reversals of loss reserves cannot be relied upon as a source of earnings, so our focus is always on producing steady, sustainable earnings. In this regard, I am pleased to report favorable trends in loans, deposits, net interest income, and non-interest income.  We are working very diligently to make sure these trends continue and our shareholders can feel confident that their investment will continue to gain value in the years ahead.  During the second quarter, we paid a cash dividend of eight cents per share and issued a five percent stock dividend.  Our board of directors looks forward to taking additional actions to benefit our shareholders."

Selected financial information is presented in the following table:


Six Months ended June 30,




December 31,



2014



2013




2013*














ANNUALIZED KEY FINANCIAL RATIOS












 Net income

$

2,270,584



$

2,374,341



$

4,054,468


 Return on average equity


11.14

%



12.41

%



10.37

%

 Return on average assets


1.18

%



1.31

%



1.11

%

 Net interest margin


4.17

%



4.16

%



4.21

%

 Efficiency ratio


67.57

%



70.14

%



69.23

%

 Loan to deposit ratio at period end


74.91

%



72.62

%



73.81

%

 Tier 1 leverage ratio


11.65

%



11.45

%



11.60

%

 Tier 1 risk based ratio


16.50

%



16.47

%



16.22

%

 Total risk-based capital ratio


17.62

%



17.72

%



17.47

%













 SHARE AND PER SHARE DATA












 Basic earnings per common share **

$

0.78



$

0.80



$

1.38


 Diluted earnings per common share **

$

0.77



$

0.80



$

1.37


 Quarterly weighted average common shares outstanding **


2,920,180




2,945,657




2,938,401


 Quarterly wtd. avg. diluted common shares outstanding **


2,957,367




2,956,280




2,967,735


 Book value per common share

$

14.56



$

13.98



$

14.35


 Total common shares outstanding


2,917,522




2,803,055




2,770,929














     *For the year ended December 31, 2013












   **Adjusted for 5% stock dividend issued in June 2014




























Loans

Net loans were $247.1 million at June 30, 2014, an increase of $12.5 million or 5% from the $234.6 million at December 31, 2013.  The increase occurred primarily in real estate-construction and real estate-mortgage loans.  Average gross loans were $244.8 million for the six months ended June 30, 2014 and $228.0 million for the six months ended June 30, 2013, an increase of $16.8 million or 7%.

Net loans at June 30, 2014, December 31, 2013, and June 30, 2013 are summarized in the following table:


June 30, 2014


December 31, 2013


June 30, 2013

Commercial

$

34,579,779


14%


$

40,665,234


17%


$

44,717,238


19%

Real estate – mortgage

192,815,860


76


175,416,776


73


173,729,991


72

Real estate – construction

17,406,675


7


17,039,578


7


14,050,302


6

Agricultural

4,173,416


2


3,966,502


2


3,928,588


2

Consumer and other

1,465,860


1


1,647,517


1


1,529,173


1

    Subtotal

250,441,590


100%


238,735,607


100%


237,955,292


100%

Deferred loan fees, net

(113,393)




(234,790)




(318,854)



Allowance for loan and lease losses

(3,208,337)




(3,875,124)




(3,769,368)



    Total loans, net

$

247,119,860




$

234,625,693




$

233,867,070















    Average loans outstanding

$

244,836,225




$

231,584,419




$

227,995,752


















Investment Securities

Available-for-sale investment securities were $66.7 million at June 30, 2014 compared to $66.5 million at December 31, 2013, an increase of $160 thousand or 0.2%.  There were $7.4 million of investment securities purchased during the six months ended June 30, 2014 which were offset by normal repayments, maturities, calls, and sales.  Gain on sale of investment securities was $155 thousand for the first six months of 2014 compared to $126 thousand for the same period in 2013. 

The amortized cost and estimated fair value of available-for-sale investment securities at the dates indicated consisted of the following:


June 30, 2014





Gross


Gross


Estimated



Amortized


Unrealized


Unrealized


Fair



Cost


Gains


Losses


Value










Debt securities:









  U.S. Government sponsored entities and agencies


$

4,084,103


$

57,646


$

(45,749)


$

4,096,000

Mortgage-backed securities:









  U.S. Government sponsored entities and agencies


27,662,119


301,999


(276,118)


27,688,000

  Small Business Administration


12,744,918


284,075


(17,993)


13,011,000

Obligations of states and political subdivisions


21,296,860


592,201


(34,061)


21,855,000

                Total


$

65,788,000


$

1,235,921


$

(373,921)


$

66,650,000






December 31, 2013





Gross


Gross


Estimated



Amortized


Unrealized


Unrealized


Fair



Cost


Gains


Losses


Value










Debt securities:









  U.S. Government sponsored entities and agencies


$

5,189,721


$

25,698


$

(132,419)


$

5,083,000

Mortgage-backed securities:









  U.S. Government sponsored entities and agencies


28,900,413


138,087


(655,500)


28,383,000

  Small Business Administration


9,844,047


354,879


(4,926)


10,194,000

Obligations of states and political subdivisions


22,804,771


230,688


(205,459)


22,830,000

                Total


$

66,738,952


$

749,352


$

(998,304)


$

66,490,000

Deposits

Total deposits increased by $12.0 million or 4%, from $317.9 million at December 31, 2013 to $329.9 million at June 30, 2014.  Average total deposits were $337.7 million for the six months ended June 30, 2014, a $19.4 million or 6% increase from the $318.3 million in average total deposits for the six months ended June 30, 2013.

Total deposits at June 30, 2014, December 31, 2013, and June 30, 2013 are summarized in the following table:


June 30, 2014


December 31, 2013


June 30, 2013

Non-interest bearing

$

134,529,295


41%


$

123,817,308


39%


$

123,416,532


38%

Interest bearing

134,358,189


41


131,802,344


41


133,385,853


42

Time deposits

60,998,167


18


62,268,507


20


65,256,234


20

           Total

$

329,885,651


100%


$

317,888,159


100%


$

322,058,619


100%

Shareholders' Equity

Total shareholders' equity was $42.5 million at June 30, 2014, an increase of $3.3 million or 8%, from the $39.8 million at December 31, 2013.  The increase was due to earnings of $2.3 million and a $654 thousand increase in accumulated other comprehensive income that resulted from increased value of investment securities.  During the six months ended June 30, 2014 and 2013 the Company paid common stock cash dividends totaling $393 thousand and $168 thousand, respectively.  Common stock repurchased during the six months ended June 30, 2014 totaled $236 thousand at an average of $14.38 per share.  Common stock repurchased during the year ended December 31, 2013 totaled $788 thousand at an average of $13.59 per share.

Asset Quality

Nonperforming assets at June 30, 2014 were comprised of nine nonaccrual loans spread among five customer relationships with an aggregate balance of $3.0 million compared with nine nonaccrual loans spread among five customer relationships at December 31, 2013 with an aggregate balance of $3.2 million.  The Company had no other real estate owned at June 30, 2014 or December 31, 2013.

Impaired loans totaled $6.0 million and $6.6 million at June 30, 3014 and December 31, 2013, respectively, and were comprised of the nonaccrual loans included in nonperforming assets and certain accruing loans whose terms have been modified from the original loan agreement.

A summary of nonperforming assets is set forth below:


June 30,

2014


December 31,

2013


June 30,

2013







Nonperforming loans

$         2,960,774


$           3,160,120


$         4,673,637

Loans past due 90 days or more and still accruing

-


-


-

Total nonperforming loans

$         2,960,774


$           3,160,120


$         4,673,637







Other real estate owned

-


-


-

Total nonperforming assets

$        2,960,774


$           3,160,120


$         4,673,637







Specific loss reserve

$           136,754


$              197,344


$            427,662

Nonperforming assets to total gross loans

1.18%


1.32%


1.96%

Nonperforming loans to total net loans

1.20%


1.35%


2.00%

Nonperforming assets to total assets

0.78%


0.87%


1.27%

Classified loans

$      13,222,718


$        13,628,603


$       18,078,475

30-89 Day Delinquent loans

$           400,000


$                         -


$            669,757

 

The following table summarizes the changes in the allowance for loan and lease losses (ALLL) for the periods indicated:


Six Months Ended

June 30, 2014


Six Months Ended

June 30, 2013


Year Ended

December 31, 2013










Balance at beginning of period

$

3,866,508


$

5,192,436


$

5,192,436

Charge-offs:






   Commercial and agricultural

-


-


-

   Real estate mortgage

-


-


(27,135)

   Real estate construction

-


-


-

   Consumer

-


(1,021)


(1,021)

Total charge-offs

-


(1,021)


(28,156)

Recoveries:






   Commercial and agricultural

341,829


77,953


210,844

   Real estate mortgage

-


-


-

   Real estate construction

-


-


-

   Consumer

-


-


-

Total recoveries

341,829


77,953


210,844

Net recoveries

341,829


76,932


182,688

Reversal of  provision for loan losses

(1,000,000)


(1,500,000)


(1,500,000)

Balance at end of period

$

3,208,337


$

3,769,368


$

3,875,124

Net recoveries to average loans outstanding

0.140

%


0.034

%


0.079

%

Ending allowance to total loans outstanding at end of period

1.28

%


1.59

%


1.63

%













The Company's ALLL was $3.9 million at December 31, 2013 and $3.2 million at June 30, 2014 due to a $1.0 million reversal of loan loans provisions offset by $342 thousand in net recoveries during the six months ending June 30, 2014.  The ALLL represented 1.28% of total loans at June 30, 2014 compared to 1.62% at December 31, 2013.  The ALLL percentage decreased due to increased loan volume as well as the factors described above.  In determining the amount of ALLL required at June 30, 2014, management analyzed the composition and strength of the Company's loan portfolio, including borrower performance trends, the potential for losses in loans classified nonperforming, the potential for loan loss recoveries, and the results of recent credit reviews.  Based on this detailed analysis, management determined that the reversal was appropriate.

Net Interest Income and Net Interest Margin

The following table presents the Company's average balance sheet, including weighted average yields and rates on a taxable-equivalent basis, for the six-month periods indicated:



                                                 Average balances and weighted average yields and costs


Six Months ended June 30,


2014


2013




Interest


Average




Interest


Average


Average


income/


yield/


Average


income/


yield/

(dollars in thousands)

Balance


Expense


Cost


Balance


Expense


Cost

ASSETS












Due from banks

$

38,342


$

46


0.24%


$

46,282


$

62


0.27%

Available-for-sale investment securities:












         Taxable

43,356


445


2.07%


33,167


259


1.57%

         Exempt from Federal income taxes (1)

23,259


429


5.64%


17,873


335


5.73%

    Total securities (1)

66,615


874


3.31%


51,040


594


3.03%

Loans (2) (3)

244,649


6,485


5.36%


227,638


6,304


5.61%

      Total interest-earning assets (1)

349,606


7,405


4.40%


324,960


6,960


4.44%













Noninterest-earning assets, net of allowance for loan losses

37,003






39,661





       Total assets

$

386,609






$

364,621

















LIABILITIES AND SHAREHOLDERS' EQUITY












Deposits:












   Other interest bearing

$

136,427


$

196


0.29%


$

130,017


$

209


0.32%

   Time deposits less than $100,000

17,508


44


0.51%


19,040


53


0.56%

   Time deposits $100,000 or more

44,579


115


0.52%


47,555


135


0.57%

   Total interest-bearing deposits

198,514


355


0.36%


196,612


397


0.41%

Junior subordinated deferrable interest debentures

3,093


55


3.59%


3,093


56


3.65%

      Total interest-bearing liabilities

201,607


410


0.41%


199,705


453


0.46%













Noninterest bearing deposits

139,194






121,720





Other liabilities

4,696






4,615





    Total liabilities

345,497






326,040





Shareholders' equity

41,112






38,581





    Total liabilities and shareholders' equity

$

386,609






$

364,621

















Net interest income and margin (1)



$

6,995


4.17%




$

6,507


4.16%



(1)

Interest income is not presented on a taxable-equivalent basis, however, the average yield was calculated on a taxable-equivalent basis by using a marginal tax rate of 34%.

(2)

Nonaccrual loans are included in total loans. Interest income is included on nonaccrual loans only to the extent cash payments have been received. There was $96 thousand and $151 thousand in foregone interest on nonaccrual loans for the six months ended June 30, 2014 and 2013, respectively. Income received from nonaccrual loans was $69 thousand in the 2014 period and $179 in the 2013 period.

(3)

Interest income on loans includes amortized loan fees, net of costs, of $293 thousand and $252 thousand for 2014 and 2013, respectively.

Net interest income for the periods ended June 30, 2014 and 2013 was $7.0 million and $6.5 million, respectively, an increase of $500 thousand or 8%.  Net interest income increased during the 2014 period due to a more favorable mix of earning assets attributable to growth in higher yielding asset categories.  This included a $17.0 million or 8 percent increase in average loans and a $15.6 million or 30 percent increase in average securities.

Net interest margin was 4.17% and 4.16% for the periods ended June 30, 2014 and 2013, a 1 basis point (bps) increase.  Average loan yield was 5.36% and 5.61% for the six months ended June 30, 2014 and 2013, respectively, a decrease of 25 bps, which reflected the competitive environment for high quality loan customers.  This decrease was offset by a 5 bps decrease in the average rate paid on deposits and other interest-bearing liabilities that reflected weak competition for deposits as well as a reduction in average time deposits.

The 2014 net interest margin was also impacted by a $17.4 million or 15 percent increase in average noninterest-bearing deposits during the first half of the year.  A portion of these funds was considered transitory and therefore deployed into low yielding overnight deposits.

Non-Interest Income

The following table describes the components of non-interest income for the six-month periods ended June 30, 2014 and 2013:

Non-interest income




Six Months ended

June 30,





2014


2013


Increase (Decrease)

Service charges


$

330,683


$

313,354


$

17,329

Gain on sale of available-for-sale investment securities


155,318


125,926


29,392

Mortgage loan brokerage fees


9,922


30,117


(20,195)

Earnings on cash surrender value of life insurance policies


147,753


155,478


(7,725)

Other


173,401


133,321


40,080

     Total non-interest income


$

817,077


$

758,196


$

58,881

For the period ended June 30, 2014, non-interest income totaled $817 thousand, an increase of $59 thousand or 8% from the $758 thousand recorded during the first half of 2013.  The improvement reflected increases in service charges, gains on sales of investment securities and FHLB dividends included in the other category.  Mortgage loan underwriting fees decreased in the 2014 period due to a slowing of residential refinance activity. 

Non-Interest Expense

The following table describes the components of non-interest expense for the six-month periods ended June 30, 2014 and 2013:

Non-interest expense




Six Months ended

June 30,





2014


2013


Increase (Decrease)

Salaries and employee benefits


$

3,155,696


$

2,946,841


$

208,855

Occupancy and equipment


675,954


725,499


(49,545)

Other real estate owned


-


1,180


(1,180)

Data processing


273,110


262,951


10,159

Operations


138,336


166,530


(28,194)

Professional and legal


176,003


152,011


23,992

Advertising and business development


138,145


118,390


19,755

Telephone and postal


150,623


111,829


38,794

Supplies


89,717


95,707


(5,990)

Assessment and insurance


162,588


182,467


(19,879)

Other expenses


318,383


332,217


(13,834)

     Total non-interest expense


$

5,278,555


$

5,095,622


$

182,933

For the periods ended June 30, 2014 and 2013, total non-interest expense was $5.3 million and $5.1 million, respectively, an increase of $183 thousand or 4%.  Salaries and employee benefits increased by $209 thousand or 7% due to normal employee cost increases and increased stock option expense.  Professional and legal expense increased by $24 thousand or 16% due primarily to higher internal audit costs.  Advertising and business development expense increased by $20 thousand or 17% due primarily to lending promotions in 2014.  Telephone and postal increased $39 thousand or 35% due to transitional costs of changing data service plans.  These were offset by a $50 thousand or 7% decrease in occupancy and equipment due to timing of upgrades related to growth and risk management initiatives.  Operational costs decreased by $28 thousand or 17% due to higher new product costs in the 2013 period.  There was also a $20 thousand or 11% decrease in FDIC insurance and assessment expense which reflected the Company's improved risk profile.

For the six month periods ended June 30, 2014 and 2013 the effective tax rate increased to 35.7% from 35.3% as certain tax credits and deductions previously allowed by California were curtailed after December 31, 2013.

OTHER INFORMATION:  Valley Commerce Bancorp stock trades on NASDAQ's Over the Counter Bulletin Board under the symbol VCBP.  Valley Business Bank, the wholly owned subsidiary of Valley Commerce Bancorp, is a commercial bank that commenced operations in 1996.  Valley Business Bank operates through Business Banking Centers in Visalia, Tulare, and Fresno, California and has branch offices in Woodlake and Tipton, California.  Additional information about Valley Business Bank is available from the Bank's website at http://www.valleybusinessbank.net.

FORWARD-LOOKING STATEMENTS:  In addition to historical information, this release includes forward-looking statements, which reflect management's current expectations for Valley Commerce Bancorp's future financial results, business prospects and business developments.  Management's expectations for Valley Commerce Bancorp's future necessarily involve assumptions, estimates and the evaluation of risks and uncertainties. Various factors could cause actual events or results to differ materially from those expectations.  The forward-looking statements contained herein represent management's expectations as of the date of this release. Valley Commerce Bancorp undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events.  For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

 

VALLEY COMMERCE BANCORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)




June 30,
2014


December 31,

2013


June 30,

2013








Assets







Cash and due from banks


$

44,719,633


$

42,006,511


$

55,958,851

Available-for-sale investment securities, at fair value


66,650,000


66,490,000


56,895,000

Loans, net of deferred fees


250,328,197


238,500,817


237,636,438

Less: allowance for loan and lease losses


3,208,337


3,875,124


3,769,368

   Net loans


247,119,860


234,625,693


233,867,070

Bank premises and equipment, net


7,449,229


7,701,676


7,900,634

Cash surrender value of bank-owned life insurance


8,398,825


8,268,894


8,132,305

Accrued interest receivable and other assets


6,074,190


6,044,999


5,811,511

Total assets


$

380,411,737


$

365,137,773


$

368,565,371








Liabilities and Shareholders' Equity







Deposits:







Noninterest-bearing


$

134,529,295


$

123,817,308


$

123,416,532

Interest-bearing


195,356,356


194,070,851


198,642,087

Total deposits


329,885,651


317,888,159


322,058,619

Accrued interest payable and other liabilities


4,941,926


4,393,172


4,217,282

Junior subordinated deferrable interest debentures


3,093,000


3,093,000


3,093,000

 

Total liabilities


337,920,577


325,374,331


329,368,901








Commitments and contingencies














Shareholders' equity:







Common stock – no par value; 30,000,000 shares authorized; issued  and outstanding 2,917,522 shares at June 30, 2014 and 2,770,929 shares at December 31, 2013 and 2,803,055 shares at June 30, 2013


30,213,622


27,811,859


28,040,389

Retained earnings


11,770,250


12,098,091


10,929,065

Accumulated other comprehensive income (loss), net of taxes


507,288


(146,508)


227,016

Total shareholders' equity


42,491,160


39,763,442


39,196,470








              Total liabilities and shareholders' equity


$

380,411,737


$

365,137,773


$

368,565,371








 

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)




For the Three Months


For the Six Months



Ended June 30,


Ended June, 30



2014


2013


2014


2013

Interest Income:









Interest and fees on loans


$

3,332,358


$

3,162,437


$

6,485,388


$

6,304,146

Interest on investment securities:







Taxable


220,463


136,989


444,815


258,869

Exempt from Federal income taxes


214,048


167,066


428,514


335,241

Interest on deposits in banks


18,365


30,728


46,136


61,998

Total interest income


3,785,234


3,497,220


7,404,853


6,960,254










Interest Expense:









Interest on deposits


174,917


188,125


354,839


397,614

   Interest on junior subordinated deferrable interest debentures


27,579


27,984


54,952


55,873

           Total interest expense


202,496


216,109


409,791


453,487










              Net interest income before reversal of provision for loan losses


3,582,738


3,281,111


6,995,062


6,506,767










Reversal of provision for loan losses


(1,000,000)


(1,500,000)


(1,000,000)


(1,500,000)

              Net interest income after reversal of provision for loan losses


4,582,738


4,781,111


7,995,062


8,006,767










Non-Interest Income:









Service charges


167,066


160,025


330,683


313,354

Gain on sale of available-for-sale investment securities, net


79,297


-


155,318


125,926

Mortgage loan brokerage fees


4,373


16,668


9,922


30,117

Earnings on cash surrender value of life insurance policies


74,366


78,170


147,753


155,478

Other


85,315


71,865


173,401


133,321

         Total non-interest income


410,417


326,728


817,077


758,196










Non-Interest Expense:









Salaries and employee benefits


1,502,940


1,396,682


3,155,696


2,946,841

Occupancy and equipment


349,376


370,160


675,954


725,499

Other


722,842


740,501


1,446,905


1,423,282

         Total non-interest expense


2,575,158


2,507,343


5,278,555


5,095,622










         Income before provision for income taxes


2,417,997


2,600,496


3,533,584


3,669,341










Provision for income taxes


890,000


969,000


1,263,000


1,295,000












            Net income


$

1,527,997


$

1,631,496


$

2,270,584


$

2,374,341












Basic earnings per share *


$

0.52


$

0.55


$

0.78


$

0.80












Diluted earnings per share *


$

0.52


$

0.55


$

0.77


$

0.80

 

Cash dividends per share


$

0.08


$

0.06


 

$

 

0.14


 

$

 

0.06














*All earnings per share data have been restated for the 5% stock dividend issued in June 2014.

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(UNAUDITED)

For the Periods Ended June 30, 2014, December 31, 2013










Accumulated











Other











Compre-


Total



Common Stock




hensive


Share-







Retained


Income (Loss)


holders'



Shares


Amount


Earnings


(Net of Taxes)


Equity












Balance, January 1, 2013


2,815,036


$    28,080,655


$    8,763,327


$    1,059,184


$    37,903,166

Net income






4,054,468




4,054,468

Other comprehensive loss








(1,205,692)


(1,205,692)

Stock repurchased


(58,000)


(570,725)


(217,755)




(788,480)

Cash dividends






(501,949)




(501,949)

Stock options exercised and related tax benefit


13,893


153,576






153,576

Stock-based compensation expense




148,353






148,353












Balance, December 31, 2013


2,770,929


$    27,811,859


$  12,098,091


$    (146,508)


$    39,763,442












Net income






2,270,584




2,270,584

Other comprehensive income








653,796


653,796

Stock repurchased


(16,400)


(162,642)


(73,163)




(235,805)

Stock dividend


138,700


2,131,819


(2,131,819)




-

Cash paid for fractional shares






(3,706)




(3,706)

Cash dividends






(389,738)




(389,738)

Stock options exercised and related tax benefit


24,293


260,041






260,041

Stock-based compensation expense




172,546






172,546












Balance June 30, 2014


2,917,522


$    30,213,623


$  11,770,249


$       507,288


$    42,491,160

 

 

SOURCE Valley Commerce Bancorp



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