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WCB Holdings, Inc.: WCB Holdings, Inc. and Western Commercial Bank Announce 2nd Quarter Results for 2009

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^{Published in Business and Finance on Friday, September 25th 2009 at 16:08 GMT by Market Wire}  

WOODLAND HILLS, CA--(Marketwire - September 25, 2009) - WCB Holdings, Inc. (OTCBB: [ WCBH ]), located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its second quarter of 2009 financial results. For the three- and six-month period ended June 30, 2009, the Company showed net losses of $315,000 and $326,000, respectively. The Company's total assets grew 1% from $121.4 million at June 30, 2008 to $122.3 million at June 30, 2009. For the same period, total loans grew 12% from $93.1 million to $103.9 million and total deposits maintained at the same level of $106.4 million. The Company also recognized $21,000 in warrants expense for the six-month period ended June 30, 2009.

Western Commercial Bank, a wholly owned subsidiary of WCB Holdings, Inc., recognized $50,000 and $101,000 in non-cash stock option compensation expenses, and provided $35,000 and $285,000 in loan loss provision for the three- and six-month period ended June 30, 2009.

At June 30, 2009, the Bank's allowance for loan losses was $1,631,000 or 1.57% of total loans (or 1.73% net of cash secured and government guaranteed loans), which Management considers prudent in this economy.

At June 30, 2009, the Bank's Tier 1 leverage ratio was 8.0% and its total risk-based-capital ratio was 10.2%, 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, "The economy continues to be a major factor for the banking industry and certainly has had its effect on some of our loans. However, we strongly feel our reserves remain a strong cushion for the expected and continuing problematic economy. Our portfolio was underwritten very well and in most cases well-collateralized, even in these difficult times. We feel this will prove positive as we work through this difficult period."

To bolster its capital, the Company expects to raise funds in a private offering in the third and fourth quarter of 2009 with $900,000 already in escrow.

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.