STOCKTON, Calif., April 15 /PRNewswire/ -- At the California Association
of Local Economic Development (CALED) conference held during the week of March
16, 2005 in Monterey, Paul Venosdel, State Director, USDA Rural Development in
California, presented Ron Aschwanden, Senior Vice President/Regional Manager
Calaveras County for Pacific State Bank headquartered in Stockton, with an
award for processing the second largest amount of Business and Industry (B&I)
loans in California. Aschwanden was also recognized for being Number Seven in
the nation for his lending activity. Pacific State Bank processed seven
guaranteed loans totaling over $19 million.
(Photo: http://www.newscom.com/cgi-bin/prnh/20050415/SFF032 )
Pacific State Bank participated in the B&I Guaranteed Loan program through
USDA Rural Development, which guarantees up to 80% of the loan made by a
commercial lender for qualified businesses in eligible rural areas. The
primary purpose of the B&I program is to stimulate the local economy, create
additional employment, attract additional commercial investment capital and
support potential growth in tax revenue, which will improve the quality of
life for rural residents.
Last year, USDA Rural Development in California led the nation in the B&I
program with over $87 million provided through 16 different banks and lenders,
creating or saving 1,272 jobs throughout the state.
"We are proud to honor Pacific State Bank and Ron for their continued
outstanding contributions to improving the quality of lives for rural
residents. The organization is a dedicated partner in the mission to improve
economic resources for rural communities," said Venosdel.
Lenders appreciate the B&I program because it expands their lending
capabilities to include a wider range of rural business projects. Loan
proceeds may be used for working capital, equipment, buildings, real estate
and certain types of debt financing. All rural areas are eligible, excluding
cities of more than 50,000 population and their adjacent urbanized areas.
Pacific State Bank operates branches in Angels Camp, Arnold, Groveland,
Modesto, Stockton, and Tracy, California along with an LPO in Castro Valley,
CA. Pacific State Bank is recognized nationally as a leader in the
underwriting of USDA, Business and Industry Loans and also as a leader in
mortgage and SBA lending within its current five county service area. For
more information on Pacific State Bank or any questions pertaining to this
news release, may be directed to Steven A. Rosso, President & CEO, at
209-870-3214.
Statements made in this release may constitute Forward Looking Statements
within the meaning of the Private Securities Litigation Reform Act of 1995 and
any such statements are subject to risks and uncertainties that could cause
actual results to differ materially. Such risks and uncertainties include
those related to the economic environment, particularly in the region where
Pacific State Bancorp operates, competitive products and pricing, general
interest rate changes and the fiscal and monetary policies of the US
Government, credit risk management, regulatory actions, and other risks and
uncertainties.
SOURCE Pacific State Bank
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Related links:
http://www.pacificstatebank.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20050415/SFF032
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Steven A. Rosso, President & CEO of Pacific
State Bank, +1-209-870-3214
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