CHULA VISTA, Calif., April 13, 2011 /PRNewswire/ -- Today, Vibra Bank (OTCBB: VBBK) announces its unaudited financial results for the quarter ended March 31, 2011.
Vibra Bank opened for business in July 2008, focusing on the business and professional market, and emphasizing its bi-cultural strengths. The bank focuses on serving the Hispanic business and professional market in San Diego County.
"We are pleased to report an expansion of the profitability which we first achieved in the fourth quarter of 2010," said Vibra Bank Chairman Enrique Schon. "Our continued success demonstrates the power of our bicultural focus, combined with local decision-making and a commitment to excellent service."
For the quarter ending March 31, 2011, the bank reported a net profit of $135,000, compared with a loss of $274,000 for the same quarter of the previous year. "Vibra Bank continues to grow by expanding quality relationships with our customers, and continuing to provide them with innovative products and services, delivered by our dedicated team," said Vibra Bank CEO Scott Parker. "We continue to have zero non-performing loans or foreclosed real estate, and an excellent financial condition." Vibra Bank's Tier one capital as of March 31, 2011 was 14%, compared with the minimum 11% required of most newly-established banks. As of March 31, 2011, Vibra Bank reported total assets of $81.3 million, including total gross loans of $55.6 million. Total deposits were reported as $63.2 million, and total equity at $10.9 million.
"We look forward to the remainder of 2011, as the economy begins to show some signs of improvement, and we are able to offer the strengths of Vibra Bank to help our expanding customer base reach its goals," added CEO Parker. "We expect to continue to bring forth innovative services to increase the value of a relationship with Vibra Bank, and augment the excellent team of professionals we have assembled to serve our clients."
Vibra Bank offers customers a wide range of deposit services to meet its customers' needs, including online banking and remote deposit capture. Vibra Bank's lending is focused on loans to businesses and business owners, with a full range of loan products. The bank is also a Preferred Lender for SBA loans. More information about Vibra Bank may be found at 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