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Share Name | Share Symbol | Market | Type |
---|---|---|---|
WCB Holdings Inc (GM) | USOTC:WCBH | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00001 | 0.00 | 01:00:00 |
Western Commercial Bank, a wholly owned subsidiary of WCB Holdings, Inc., recognized $50,000 in non-cash stock option compensation expenses, and provided $35,000 in loan loss provision for the quarter and year ended March 31, 2009.
At March 31, 2009, the Bank's allowance for loan losses was $1,359,000 or 1.32% of total loans (or 1.45% net of cash secured and government guaranteed loans), which Management considers prudent in this economy.
At March 31, 2009, the Bank's Tier 1 leverage ratio was 8.2% and its total risk-based-capital ratio was 10.3%, both considered in the well-capitalized category. The Bank has two non-performing assets for $8.6 million, both of which are very well-secured and mitigated by a $5.3 million guarantee by the USDA.
Carl W. Raggio, III, President and CEO, said, "While the economy continues to be a major factor for the banking industry, the Board and I are pleased we could show a profit for the Bank in the first quarter. We feel this is a testament to our strong clients and continued vigilance in our risk assessment."
To bolster its capital, the Company expects to raise funds in a private offering in the second quarter of 2009.
Forward-looking statements, by their nature, are subject to risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. Forward-looking statements speak only as of the date they were made. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances that may occur after the date that forward-looking statements are made.
The Bank offers a comprehensive selection of business deposit and loan products, cash management services as well as SBA-guaranteed loans. The Bank is not involved in any of the sub-prime products.
The Bank provides financial services to small and mid-sized businesses, entrepreneurs and professionals in the San Fernando Valley, with special expertise in commercial real estate finance.
Regular office hours are Monday through Friday, 9:00 a.m. until 4:00 p.m.
Information on the Bank's services is available by calling (818) 449-7700 and online at www.westerncommercialbank.com. Information on the Bank's stock may be obtained from Carl W. Raggio, III, President and Chief Executive Officer, at (818) 449-7700. The stock trades on the OTC Bulletin Board.
Contact: Carl Raggio President & Chief Executive Officer (818) 449-7711
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