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California United Bank Taps Dan Palmquist as Senior Vice President, Regional Manager For Orange County Expansion

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  Published in Business and Finance on Tuesday, June 8th 2010 at 16:45 GMT by Market Wire
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ENCINO, Calif.--([ BUSINESS WIRE ])--California United Bank (OTCBB:CUNB) today announced that Dan Palmquist, a longtime fixture in Orange County banking, has been named the Senior Vice President, Regional Manager for the area.

"We have been consistent in implementing our strategy to continue to expand notwithstanding the difficult economy, when opportunities are presented which are concurrent with our long range objectives"

Mr. Palmquista™s appointment by California United Bank to lead the Banka™s Orange County efforts follows an earlier announcement by the Bank that it had hired Shirley Wentzel as Senior Vice President, Commercial Banking and Lisa Gorelick as Vice President, Relationship Manager, to kick-off its expansion into the Orange County market.

aWe have been consistent in implementing our strategy to continue to expand notwithstanding the difficult economy, when opportunities are presented which are concurrent with our long range objectives,a noted President and CEO David Rainer. aWe believe that entry into new markets which are populated with high numbers of small and medium size businesses, entrepreneurs and professionals will continue to build long term shareholder and franchise value. This expansion is supported by our strong capital base, evidenced by capital ratios well in excess of those required to be awell capitalizeda under regulatory standards.a

aBy choosing high caliber local bankers like Dan Palmquist, Shirley Wentzel and Lisa Gorelick, with whom we have previously worked, and providing them with our suite of loan, deposit and cash management products along with unparalleled personal service, we can provide new markets with banking services they cannot find elsewhere and replicate the success California United Bank has enjoyed in other markets across Southern California. The investment in people, locations and product development and focus on long term value is a continued California United Bank theme and has resulted in our Bank approaching $500 million in assets in only five years,a concluded Rainer.

Mr. Palmquist joins California United Bank from Partners Bank in Mission Viejo, where he served as the Chief Banking Officer. Previously, he was Senior Vice President for both Wachovia Bank and Commerce National Bank. His career has included being a Vice President of Business Development for US Bank and, earlier, for Wells Fargo Bank. He is involved in the community through active roles in the Orangewood Childrena™s Foundation and the Schilling Foundation.

aBusinesses, entrepreneurs, and professionals in Orange County expect a bank that has a wide array of banking products and services, is technologically innovative, and delivers unparalleled customer service,a commented Mr. Palmquist. aI am confident that California United Bank is that institution, and will exceed customera™s expectations and prior notions as to what a bank is supposed to be.a

About the Bank

California United Bank provides a full range of financial services, including credit and deposit products, cash management, and Internet banking for businesses, entrepreneurs and professionals in Southern California. The Bank operates from its headquarters office at 15821 Ventura Boulevard, Suite 100, Encino, CA 91436; West Los Angeles Regional Office at 1640 South Sepulveda Boulevard, Suite 114, Los Angeles, CA 90025; Santa Clarita Valley Regional Office at 25350 Magic Mountain Parkway, Suite 100, Valencia, CA 91355; Conejo Valley Loan Production Office at 4333 Park Terrace Drive, Suite 215, Westlake Village, CA 91361, South Bay Loan Production Office at 1025 W. 190^th Street, Suite 225, Gardena, CA 90248 and Glendale/San Gabriel Valley Loan Production Office at 801 N. Brand Blvd, Suite 610, Glendale, CA 91203. Information on products and services may be obtained by calling (818) 257-7700 or visiting the Banka™s website at [ www.californiaunitedbank.com ].

SAFE-HARBOR LANGUAGE

This news release contains forward-looking statements about the Bank, for which the Bank claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Bank's possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Bank's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) difficult and adverse conditions in the global and domestic capital and credit markets, (2) continued volatility and further deterioration of the capital and credit markets, (3) significant changes in banking laws or regulations, including, without limitation, as a result of the Emergency Economic Stabilization Act, (4) continued uncertainty about the impact of the U.S. Treasury Troubled Asset Relief Program (TARP) and other recent federal programs on the financial markets including levels of volatility and credit availability, (5) a more adverse than expected decline or continued weakness in general business and economic conditions, either nationally, regionally or locally in areas where the Bank conducts its business, which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense, (6) unprecedented volatility in equity, fixed income and other market valuations, (7) changes in market rates and prices which may adversely impact the value of financial products including securities, loans, deposits, debt and derivative financial instruments, and other similar financial instruments, (8) changes in the interest rate environment and market liquidity which may reduce interest margins and impact funding sources, (9) increased competition in the Bank's markets, (10) changes in the financial performance and/or condition of the Bank's borrowers, (11) a substantial and permanent loss of client accounts, (12) soundness of other financial institutions which could adversely affect the Bank, (13) increases in Federal Deposit Insurance Corporation premiums due to market developments and regulatory changes, (14) protracted labor disputes in the Bank's markets, (15) earthquake, fire or other natural disasters affecting the condition of real estate collateral, (16) the effect of de novo branching efforts, (17) the impact of changes in regulatory, judicial or legislative tax treatment of business transactions, (18) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, and (19) the success of the Bank at managing the risks involved in the foregoing. Forward-looking statements speak only as of the date they are made, and the Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance, including the factors that influence earnings.

For a more complete discussion of these risks and uncertainties, see the Banka™s Annual Report on Form 10-K for the year ended December 31, 2009 and particularly Part I, Item 1A, titled "Risk Factors."