Bank's strong capital position and healthy portfolio allow it to expand even in challenging economy

CHULA VISTA, Calif., July 30 /PRNewswire/ -- Today, Vibra Bank announces its financial results for the second quarter ended June 30, 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 continues to grow by providing excellent customer service and the stability of a financially strong local bank," said Vibra Bank President and CEO Scott Parker.  "We are actively lending money and expanding our customer base while some other banks in the area are contracting."

For the second quarter ending June 30, 2010, the bank reported a net loss of $119 thousand, compared to a net loss of $451 thousand the second 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%, well above the minimum of 11% required of newly-established banks.  As of June 30, 2010, Vibra Bank reported total assets of $62.3 million, including total net loans of $48.2 million.  Total deposits were reported as $48.3 million, and total equity at $11.1 million.

Vibra Bank offers customers a wide range of services to meet their needs, including online banking and remote deposit processing.  In addition, Vibra Bank provides a full range of loan products, including SBA loans, with a focus on loans to businesses and business owners.  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.

SOURCE Vibra Bank

Back to top

RELATED LINKS
http://www.vibrabank.com