Premier Commercial Bancorp Announces 1st Quarter Earnings
(firmenpresse) - ANAHEIM, CA -- (Marketwire) -- 05/07/12 -- Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported unaudited consolidated earnings for the three months ended March 31, 2012 of $403,000, compared to net income of $367,000 for the same period last year.
Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove stated, "As previously reported, on December 9, 2011 California United Bank and Premier Commercial Bancorp announced the execution of a Definitive Agreement of Merger. Progress towards the combination of the two organizations is proceeding quite well and is on schedule. All regulatory applications and filings have been submitted to the respective agencies for comment and approval. The merger teams for the two Companies are progressing very well together. The transaction is expected to close near the end of the second quarter of this year. The PCB family anxiously awaits the successful assimilation with California United Bank."
As of March 31, 2012, on a consolidated basis, total assets were $564 million, an 8.1% increase from $522 million for the same period last year; total deposits were up 8.6% to $502 million as compared to $462 million at March 31, 2011. Net loans were reported at $296 million at March 31, 2012, up slightly from the same period last year. Shareholders' equity at March 31, 2012 was reported at $41.1 million, reflecting a well capitalized position per regulatory guidelines along with a Total Capital (to Risk-Weighted Assets) ratio of 16.5%.
Premier Commercial Bank President and COO Ash Patel indicated, "Since our announcement of the merger with California United Bank, the focus has been on appropriately melding the two banks together. We recognize the significant value of consolidation and that has been reinforced by client feedback as they look forward to expanded services while continuing to bank with their existing relationship manager. We anticipate the transition to be seamless."
Premier Commercial Bancorp is a registered bank holding company based in Anaheim, Calif. Premier Commercial Bank, a wholly owned subsidiary of Premier Commercial Bancorp, is a full-service bank specializing in small- to medium-size businesses, professionals, entrepreneurs and hospitality industry clients. Launched in November 2001, Premier Commercial Bank is the only independent bank with headquarters in Anaheim. For further information, call (714) 978-2400 or visit the Web site at
Cautionary Statement: Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made, and Premier Commercial Bancorp assumes no obligation to update this information. In addition, these forward-looking statements, and Premier Commercial Bancorp's business, are subject to the risk factors described in the filings of Premier Commercial Bancorp with the Securities Exchange Commission.
Contact:
Viktor Uehlinger
EVP & CFO
(714) 978-2552
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Datum: 07.05.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 143257
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ANAHEIM, CA
Kategorie:
Commercial & Investment Banking
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