SAN DIEGO, Nov. 15 /PRNewswire/ -- U.S. Bank/SBA Division will be the new
name of the Small Business Administration (SBA) loan production office network
of Bank of Commerce effective November 22. The name change is the final step
in the merger of U.S. Bank's parent company, U.S. Bancorp (NYSE: USB), and
Bank of Commerce, the nation's leading SBA bank lender.
Based in San Diego, U.S. Bank/SBA Division now operates 32 loan production
offices in 17 states.
The newly named SBA Division of U.S. Bank is led by David H. Bartram,
president. Bartram was senior executive vice president, Bank of Commerce, and
led the bank's SBA operations for the past 15 years.
"It is important for our nationwide SBA loan referral sources to
understand that U.S. Bancorp acquired Bank of Commerce for its SBA lending
expertise and shares our goal of becoming the nation's leading SBA lender
overall. Therefore, our service promise to provide loan approvals in five
business days and funding in 30 days or less, is stronger than ever," Bartram
said.
"Joining U.S. Bank creates a new and significant financial synergy for all
our customers," Bartram said. "In markets where U.S. Bank currently operates,
we will aggressively cross-sell the full array of banking and financial
services to our former Bank of Commerce SBA loan customers. Equally
important, U.S. Bank will continue cross-selling other SBA products and their
substantial advantages to businesses in this market," he added.
Based in San Diego, U.S. Bank/SBA Division provided $327 million in SBA
guaranteed loans in the SBA's fiscal 1999, (year ended Sept. 30) a 54 percent
increase over the previous year. The loans range from $25,000 to $3.5 million
and average approximately $500,000. Through the Small Business Administration
(SBA), U.S. Bank/SBA Division provides small businesses with long-term
financing primarily for real estate purchase, refinance and construction.
Typical businesses receiving SBA-guaranteed loans through U.S. Bank/SBA
Division include professional service firms, manufacturing operations,
wholesale/distributors and retail operations. SBA Division and its offices
operate as SBA "Preferred" lenders. Preferred lenders directly approve loans
on behalf of the SBA, resulting in better service, faster loan approvals and
quicker disbursement of funds.
The U.S. Bank/SBA Division network includes offices in San Diego, Anaheim,
Glendale/Los Angeles, Fresno, Sacramento/Auburn, San Francisco, Phoenix,
Tucson, Las Vegas, Reno, Portland, Seattle, Spokane, Boise, Salt Lake City,
Denver, Albuquerque, Dallas/Fort Worth, San Antonio, Houston, Austin, Memphis,
Nashville, St. Louis, Kansas City, Atlanta, Boca Raton, Orlando, Jacksonville,
Chicago, Indianapolis, and Minneapolis.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $77 billion in assets, is
the 13th largest bank holding company in the nation and operates approximately
1,000 banking offices in the Midwest and West. The company provides
comprehensive banking, trust, investment and payment systems products and
services to consumers, businesses and institutions. It operates a network of
5,300 ATMs and provides 24-hour, seven-days-a-week telephone customer
services. The company offers full-service brokerage services at approximately
104 offices in the West and Midwest through U.S. Bancorp Piper Jaffray. The
company is the largest provider of Visa corporate and purchasing cards in the
world, and one of the largest providers of corporate trust services in the
nation. For further information, please see the U.S. Bancorp web site at
http://www.usbank.com
SOURCE U.S. Bank/SBA Division
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Related links:
http://www.usbank.com
CONTACT:
Brian Butler, Public Relations, 858-536-4545,
ext. 204, for U.S. Bank/SBA Division
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