WCB Holdings, Inc. and Western Commercial Bank Announce 2nd Quarter Results for 2010; May Get New President/CEO and CCO and Look

    WCB Holdings, Inc. (OTCBB: WCBH), located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its second quarter of 2010 financial results. For the quarter and year-to-date (six months) ended June 30, 2010, the Company incurred net losses of $768,000 and $4,946,000, respectively. Comparing to the same periods ending June 30, 2009, the Company incurred net losses of $315,000 and $326,000, respectively. The Company provided $0 and $3,574,000 in loan loss reserves for the quarter and year-to-date (6 months) ending June 30, 2010; these represented an increase of $0 and $3,289,000 for the same periods in 2009.

The Company's total assets grew 3% or $3.3 million from $106 million at December 31, 2009 to $109.4 million at June 30, 2010. For the same period, total loans shrank 11.4% or $11.1 million from $96.9 million to $85.8 million and total deposits grew 10.1% or $9.6 million from $94.4 million to $104 million, respectively. The Company also recognized $21,000 in warrants expense for the year ended June 30, 2010. The Company restated earnings for December 31, 2009 due to charge-offs that were applicable to 2009.

At June 30, 2010, the allowance for loan losses was $3,549,000 or 4.1% of total loans. Nonperforming assets, including non-accrual loans, loans past-due over 90 days, and other real estate owned were $15,289,000 at June 30, 2010. The largest non-performing asset totaling $6.7 million was sold in July 2010, reducing the non-performing assets by 44%. Management is aggressively working to further reduce the remaining non-performing assets.

Western Commercial Bank, a wholly owned subsidiary of the Company, reported Tier 1 risk-based capital ratio of 4.42% and total risk-based-capital ratio of 5.70%. The Bank must meet certain requirements in the Consent Order, dated September 18, 2009 which includes achieving a Tier 1 capital to total average assets ratio of 9.5% and reducing classified assets to no more than 50% of Tier 1 capital plus the loan loss allowance. At June 30, 2010, the Tier 1 capital to total average asset ratio was 3.93%.

In August, the Company retained Mr. Joseph W. Kiley, III as a consultant, pending the processing and approval of an application with various regulatory agencies to name Mr. Kiley as President and Chief Executive Officer of WCB Holdings, Inc. and Western Commercial Bank. Mr. Kiley is an experienced Banker with over 30 years of experience as a President and Chief Executive Officer of several Southern California Banks. "His acceptance of this new position brings us an added depth of experience, as a former CEO, which strengthens our ability to navigate through the difficult times," said Jim Hussey, Chairman of the Board of Directors.

At the same time, the Company also retained Mr. Ray Vadalma as a consultant, pending the processing and approval of an application with various regulatory agencies to name Mr. Vadalma as Executive Vice President and Chief Credit Officer of Western Commercial Bank. Mr. Vadalma has over 35 years of lending experience.

The Company plans to raise new capital through private placement for general corporate purposes, including the recapitalization of Western Commercial Bank to remove regulatory Orders and the pursuit of other strategic business opportunities.

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 [phone] and online at www.westerncommercialbank.com. The stock trades on the OTC Bulletin Board.

Contact: Tommy Woo EVP & Chief Financial Officer [phone]