CHULA VISTA, Calif., Jan. 11, 2011 /PRNewswire/ -- Today, Vibra Bank (OTC Bulletin Board: VBBK) announces its unaudited financial results for the year ended December 31, 2010, and the completion of its second full calendar year of operations.
Vibra Bank opened for business in July of 2008, focusing on the business and professional market, and emphasizing its bi-cultural strengths which enable it to better serve the Hispanic business and professional market in San Diego County.
"Achieving profitability in our second full year of business reflects the successful growth of Vibra Bank and shows that there are opportunities even in this difficult economy for a bank that is focused on providing great service, and that is able to lend to quality borrowers," said Vibra Bank Chairman Enrique Schon. He continued: "As a bicultural bank, Vibra Bank has a special capacity to serve the Hispanic business and professional market, but we have also seen new business opportunities throughout San Diego County based simply on our customer-friendly products and quality service."
For the quarter ending December 31, 2010, the bank reported a net profit of $51 thousand, compared with a loss of $184 thousand for the same quarter of the previous year. For the year ending December 31, 2010, Vibra Bank reported a net loss of $543 thousand compared with a loss of $1.48 million for 2009. "Vibra Bank has achieved profitability and continues to grow by building quality relationships with our customers, based on excellent service and great products," said Vibra Bank CEO Scott Parker. "Vibra Bank continues to have zero non-performing loans or REO, and an excellent financial condition." Vibra Bank's Tier one capital as of December 31, 2010 was 21%, compared with the minimum 11% required of most newly-established banks. As of December 31, 2010, Vibra Bank reported total assets of $74 million, including total gross loans of $55 million. Total deposits were reported as $60 million, and total equity at $11 million.
"Vibra Bank grew by nearly 50% during 2010, and we look forward to 2011, and to continue to offer business loans, SBA loans, and real estate loans to our growing family of customers," added CEO Parker. "We expect to build on the strong foundation we have established, and offer our full range of products to more people in what we hope will be an improving economy this year."
Vibra Bank offers customers a wide range of deposit services to meet their customers' needs, including online banking and remote deposit capture (www.vibrabank.com). Vibra Bank's lending is focused on loans to businesses and business owners, with a full range of loan products, and the bank is also a Preferred Lender for SBA loans.
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