Vibra Bank Announces Continued Growth in Loans and Deposits
Bank's strong capital position and healthy portfolio allow it to expand even in challenging economy
CHULA VISTA, Calif., April 26 /PRNewswire/ -- Today, Vibra Bank announces its financial results for the first quarter ended March 31, 2010.
Vibra Bank opened for business in July of 2008, and remains the only locally-owned bank to open in the San Diego area since then. "Vibra Bank has been able to grow while many other banks are distracted by problem loans or capital issues," said Vibra Bank President and CEO Scott Parker. "We've been able to expand our lending to businesses and individuals, and broaden our customer base at a steady rate."
For the quarter ending March 31, 2010, Vibra reported a net loss of $274 thousand, compared to a net loss of $467 thousand the first quarter of 2009. Net loss prior to allocation for reserves was $118 thousand for the quarter, compared to a loss of $400 thousand the first quarter of 2009. "We continue to shrink our monthly loss as we approach our break-even asset size," said CEO Parker. He noted Vibra Bank's strong tier one leverage capital ratio of 20.8%, well above the minimum of 11% required of newly-established banks. As of March 31, 2010, Vibra Bank reported total assets of $54 million, including total net loans of $39.9 million. Total deposits were reported as $40 million, and total equity at $11.2 million.
Vibra Bank offers a full range of loan and deposit services, including SBA loans. Vibra Bank is located at 530 Broadway in Chula Vista, CA. www.vibrabank.com
Certain statements in this press release, including statements regarding the anticipated development and expansion of Vibra Bank's business, and the intent, belief or current expectations of Vibra Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, Vibra Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.
Media Contact: |
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Scott Parker |
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619-651-9411 |
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SOURCE Vibra Bank
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