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Pacific Alliance Bank Announces Fourth Quarter Results

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^{Published in Business and Finance on Thursday, January 15th 2009 at 4:09 GMT, Last Modified on 2009-01-15 04:09:56 by Market Wire}  

ROSEMEAD, Calif.--([ BUSINESS WIRE ])--Pacific Alliance Bank (OTCBB:PFBN) announced today its fourth quarter 2008 results, with highlights as follows:

• Total Assets increased by $27.3 million to $80 million, or 51.8% growth from $52.7 million at December 31, 2007.
• Loans outstanding increased by $21.3 million to $47 million, or 83% increased from $25.7 million at December 31, 2007.
• Deposits grew by 70% to $61.7 million from $36.3 million at December 31, 2007.
• Provision for loan losses was $269,000 for the quarter, with allowance for loan losses to total loans at 1.66%.
• As of December 31, 2008, one SBA 7a loan was on nonaccrual, with principal amount of $437,000 (75% SBA guaranteed).
• The Bank continued to be categorized as "well-capitalized" under the regulatory guidelines, with Tier 1 leverage capital ratio of 17.30%, Tier 1 risk-based capital ratio of 23.53%, and Total risk-based capital ratio of 24.99%.

The operating loss for 4^th quarter 2008 was higher than the same quarter last year ($539,000), or (33 cents) per share for 4^th quarter 2008, and ($459,000), or (28 cents) per share for the 4^th quarter of 2007, due to higher provision for loan loss arising from 4^th quarter loan growth.

The operating loss for the year-ended December 31, 2008 was much lower than December 31, 2007. For the year ended December 31, 2008, the loss was ($1,892,000), or (114 cents) per share, compared with loss of ($2,393,000), or (144 cents) per share for December 31, 2007.

Pacific Alliance Bank was formed to achieve its mission of delivering business value in its market, serving small to mid-size businesses, owners, and key employees who seek a personal bank ready to meet their banking needs with customized services.

Pacific Alliance Bank is a full-service FDIC insured community bank, headquartered at 8400 E. Valley Blvd., Rosemead, California 91770. For more information, contact Ms. Trish Lomeli-Sproles (626) 773-8897 or [ tsproles@pacificalliancebank.com ] and visit [ http://www.pacificalliancebank.com ].

This document may include forward-looking information, which is subject to the "safe harbor" created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act and the Private Securities Litigation Reform Act of 1995. When the Bank uses or incorporates by reference in this document the words "anticipate," "estimate," "expect," "project," "intend," "commit," "believe" and similar expressions, the Bank intends to identify forward-looking statements. Our actual results may differ materially from those projected in any forward-looking statements, as they will depend on many factors about which we are unsure, including many factors which are beyond our control.