Recruits Local SBA Loan Development Officer
SAN DIEGO, Sept. 14 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM) has
opened a new loan production office (LPO) serving Salt Lake City and Utah's
small business lending market. The new office operates as Commerce Loan Co.,
a Division of Bank of Commerce. Bank of Commerce is the nation's leading
Small Business Administration (SBA) bank lender and now operates 18 loan
offices in eight states.
"Salt Lake City is the sixth new office we've opened this year, and we see
excellent opportunities for providing SBA guaranteed loans for commercial real
estate for owner-users throughout Utah," said David H. Bartram, senior
executive vice president.
Roger F. Preston has been hired as the first business development officer
at the new office, located at 448 East 6400 South, Suite 312, Murray, Utah.
Prior to joining Commerce Loan Co., Preston was a top producing SBA business
development officer and vice president with Guardian State Bank in Salt Lake
City. "With more than 10 years of SBA lending experience in Utah, Preston
commands extensive experience and business contacts statewide," Bartram added.
Preston and his family reside in Orem, Utah. Commerce Loan Co. opens as an
SBA Preferred Lender (PLP) in Utah. PLP is the SBA's premier authorization.
Preferred lenders directly approve loans on behalf of the SBA, resulting in
better service, faster loan approvals and quicker disbursement of funds.
Bank of Commerce operates 18 loan offices in California, Arizona, Nevada,
Oregon, Washington, Colorado, Texas, and now Utah. Additional loan offices
are planed for opening later this year in Boise, Atlanta and Chicago.
Bank of Commerce has been a SBA lender for 23 years and was among the first
banks to participate with the SBA, which will facilitate the lending of
approximately $11 billion to finance small business expansion this year.
In addition to being the nation's leading SBA bank lender, Bank of
Commerce is also the largest publicly held bank headquartered in San Diego
based on total assets with assets of approximately $720 million at
June 30, 1998. The bank has ten full service branch offices in Southern
California.
Statements concerning future performance, developments or events,
concerning expectations for growth and market forecasts, and any other
guidance for 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 expectations. These factors include,
but are not limited to, the ability of the bank to efficiently open new
offices, effect of interest rate change, changes in SBA policy or funding
competition in the financial service market for loans, general economic
conditions.
SOURCE Bank of Commerce
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Related links:
http://www.bankofcommerce.net
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 123798
CONTACT:
Peter Q. Davis, Chairman & CEO, or Margaret
Kuhn, First Vice President of IR of Bank of Commerce,
619-232-2096
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