SAN DIEGO, July 20 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM) has
again been awarded the top "Green - Three Stars" rating from VERIBANC, Inc.,
one of the nation's leading independent banking industry research and rating
firms. The Green - Three Stars rating is the highest attainable and places
Bank of Commerce among the nation's leading banks comparing key financial
criteria. Bank of Commerce has now achieved Green - Three Stars for the past
nine quarters, including this most recent rating as of March 31, 1998.
VERIBANC, based in Wakefield, Mass., assesses financial performance on a
quarterly basis for approximately 25,000 federally insured banks, thrifts, and
credit unions. Typical criteria examined include asset growth, profitability,
equity, earnings, liquidity, and 20 objective criteria in all.
Measures of Bank of Commerce financial strength include the following
comparisons from second quarter 1997 through second quarter this year.
* Total assets grew 23% to $718 million from $586 million.
* Year to date net income increased 75% to $5.4 million from $3.1 million.
* Second quarter net income increased 93% to $3.3 million from
$1.7 million.
* Annualized return on average equity increased 29% to 21.67% from 16.77%.
* Annualized return on average assets increased 33% to 1.56% from 1.17%.
(Results for all periods reflect the consolidated income statement and
balance sheet of Rancho Vista National Bank (RVNB), which was acquired on
May 15, 1998 in a pooling transaction.)
Bank of Commerce is the nation's leading SBA bank lender and the largest
independent, publicly traded bank headquartered in San Diego County. The bank
operates 16 specially designated loan production offices (LPOs) in seven
western states. In addition, Bank of Commerce operates 10 full service
branches in San Diego and Riverside Counties.
SOURCE Bank of Commerce
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Related links:
http://www.bankofcommerce.net
CONTACT:
Peter Q. Davis, Chairman & CEO, or Margaret
Kuhn, First VP of Bank of Commerce, 619-232-2096
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