Bank of Commerce Receives Top Bank Rating from Findley Reports
PR Newswire - March 09, 1998 13:07
SAN DIEGO, March 9 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM) has been awarded the top "Super Premier Performance" rating from The Findley Reports, one of the nation's leading independent banking and financial industry research and rating firms. The "Super Premier Performance" rating is the highest attainable and places Bank of Commerce in the top 9 percent of banks and thrifts & loans surveyed in the six western states of California, Arizona, Nevada, Oregon, Utah, and Washington.
Based in Anaheim, Calif., The Findley Reports tracks and assesses
financial performance on an annual basis and this year received financial results from 561 banks and thrifts in the Western states. The key criteria utilized for the rating include: return on equity, net operating income, loan charge-offs, and growth in terms of assets, deposits and income.
Measures of Bank of Commerce's 1997 financial performance included the following:
* Total assets grew 48 percent to $557 million.
* Profits increased 101 percent to $7 million.
* Deposits grew 48 percent to $512 million.
* Return on equity increased from 13.63 percent in 1996 to 22.41 percent
in 1997.
* Net loans grew 33 percent to $385 million.
* Net loan losses decreased from 0.22 percent in 1996 to 0.17 percent in
1997.
Additional criteria examined by The Findley Reports included liquidity, operating income and minimal turnover in senior management and directors.
Bank of Commerce is the nation's leading bank SBA lender and the largest locally owned financial institution based in San Diego County. The Bank operates 12 specially designated loan production offices (LPOs) in California, Nevada, Arizona, Oregon, Washington, and Colorado. In addition, Bank of Commerce operates seven full service branches in San Diego and Riverside Counties, California.
Statements concerning future performance, developments or events,
concerning expectations for growth and market forecasts, and any other
guidance on future periods, constitute forward-looking statements which are subject to a number of risks and uncertainties which might cause actual results to differ materially from stated objectives. These factors include but are not limited to the ability of the bank to efficiently integrate acquired institutions, decisions by shareholders and regulators regarding the proposed acquisition, effect of interest rate changes, changes in SBA policy or funding, competition in the financial services market for both deposits and
loans, and general economic conditions.
SOURCE Bank of Commerce
/CONTACT: Brian Butler or David Bartram both of the Bank of Commerce,
619-536-4545, ext. 327/ |
