SAN DIEGO, Calif., July 1 /PRNewswire/ -- Bank of Commerce (Nasdaq: BCOM)
has received authorization from the Small Business Administration (SBA) to
operate as a "Preferred Lender" (PLP) in six markets where the firm intends to
open new loan production offices (LPOs) this year. The new offices serving
Houston, Dallas-Fort Worth, San Antonio-Austin are now open and operate as
Commerce Loan Co., a division of Bank of Commerce. PLP authorization also has
been received for Atlanta, Chicago and Salt Lake City operations, which all
are planned to open in the next six months.
PLP status 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.
"Receiving our PLP status so promptly for our new Texas loan offices and
the ones we have planned for later this year is extremely important because it
gives us immediate credibility with our new referral sources and clients,"
said Peter Q. Davis, Chairman and CEO, Bank of Commerce.
In all, Bank of Commerce now operates 16 loan production offices in seven
states -- California, Arizona, Nevada, Oregon, Washington, Colorado, and
Texas. Additional loan offices in Fresno, California and Boise, Idaho are
planned to open later this year.
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.
Based in San Diego, Bank of Commerce SBA loans increased 19.6 percent to
$341 million at March 31, 1998 from $285 million a year earlier.
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 asset size with current assets of approximately $732 million, as of
May 31, 1998. The Bank has ten full-service branch offices including three
just acquired through a merger with Rancho Vista National Bank in May. Its
other branch offices are located in San Diego, Palm Desert and Temecula,
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 expectations. These factors include,
but are not limited to, the ability of the bank to efficiently open new loan
production offices, availability of qualified personnel, 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
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Related links:
http://www.bankofcommerce.net
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 107344
CONTACT:
David H. Bartram, Senior Executive Vice
President of Bank of Commerce, 619-536-4545, ext. 304
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