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California United Bank Promotes Relationship Managers Shelley Gibson and Kevin McElroy to Senior Vice President

^{Published on 2010-08-31 06:10:44 - Market Wire}
 

ENCINO, Calif.--([ BUSINESS WIRE ])--California United Bank (OTCBB:CUNB) announced today the promotions of CUB Vice President Shelley Gibson to Senior Vice President-Private Banking and Kevin McElroy to Senior Vice President-Commercial Real Estate and Construction Lending.

"They both exemplify the core values of CUB: superior customer service and an ability to understand the varying needs of their customers. As we continue to expand, the leadership and long-term customer relationships fostered by both Kevin and Shelley will provide a strong base on which to build."

Gibson and McElroy, who have both been with CUB since the Banka�s inception in 2005, are well known relationship bankers in the Los Angeles area. McElroy, who has over thirty years of experience, specializing in commercial real estate, has enjoyed stints at Metro Bank, Bank of Los Angeles, Santa Monica Bank, and US Bank, before joining CUB.

Gibson, who has over twenty years of banking experience, is a former Vice President of Union Bank, US Bank, and the original California United Bank. She specializes in private banking, providing personalized services to entrepreneurs, business owners, professionals and high net-worth individuals. She is also active in the local community, including service to the Juvenile Diabetes Research Fund, Valley Industrial and Commerce Association, and the Boys and Girls Club of the West Valley.

aKevin and Shelley have been integral parts of CUBa�s success,a said David Rainer, CUBa�s Chairman, President and CEO. aThey both exemplify the core values of CUB: superior customer service and an ability to understand the varying needs of their customers. As we continue to expand, the leadership and long-term customer relationships fostered by both Kevin and Shelley will provide a strong base on which to build.a

This announcement comes after the recent announcement of California United Banka�s merger agreement with California Oaks State Bank, as well as their expansion into Orange County, and Glendale/San Gabriel Valley. Last month, the Bank received an aOutstandinga rating from the FDIC for its CRA activities.

About California United Bank

California United Bank provides a full range of financial services, including credit and deposit products, cash management, and Internet banking for businesses and high net worth individuals. The Bank operates from its headquarters office at 15821 Ventura Boulevard, Suite 100, Encino, CA 91436; 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; Glendale/San Gabriel Valley Loan Production Office, 801 N. Brand Blvd., Suite 610, Glendale, CA 91203; South Bay Loan Production Office at 1025 W. 190^th Street, Suite 225, Gardena, CA 90248, and Orange County Loan Production Office 2361 Campus Dr., Suite 107, Irvine, CA 92612. Information on products and services may be obtained by calling (818) 257-7700 or visiting the Banka�s Web site 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 and the state of California, (2) continued volatility and further deterioration of the capital and credit markets, (3) significant costs or changes in business practices required by new banking laws or regulations, (4) a more adverse than expected decline, a adouble dipa recession, or continued weakness in general business and economic conditions, which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense, (5) changes in market rates and prices which may adversely impact the value of financial products, (6) changes in the interest rate environment and market liquidity which may reduce interest margins and impact funding sources, (7) increased competition, (8) changes in the financial performance and/or condition of the Bank's borrowers, (9) increases in Federal Deposit Insurance Corporation premiums due to market developments and regulatory changes, (10) earthquake, fire, pandemic or other natural disasters, (11) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, and (12) our success 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."