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First Commerce Bancorp Announces Strong September 30, 2010 Quarterly and Nine Months Earnings

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^{Published in Business and Finance on Tuesday, October 12th 2010 at 4:00 GMT by Market Wire}  

ENCINO, Calif.--([ BUSINESS WIRE ])--First Commerce Bancorp (the aCompanya) (OTCBB:FCCC), the parent holding company of First Commerce Bank (the aBanka), reports its earnings for the quarter and the nine months ended September 30, 2010 (unaudited).

Net income for the quarter ended September 30, 2010 on a consolidated basis was $789,000 compared to $47,000 for the same period last year, an increase of 1579%. Net income for the first nine months of 2010 was $1,739,000 compared to net income of $612,000 for the first nine months of 2009, an increase of 184%.

Assets at September 30, 2010 were $357,799,000, up $30,319,000 or 9% as compared to September 30, 2009.

Deposits and net loans at September 30, 2010 were $316,522,000 and $225,782,000, up 9% and down 10%, respectively, as compared to September 30, 2009.

According to Jack Feldman, First Commerce Bank President and CEO, the substantial increase in third quarter and nine months net earnings is the result of both a non-recurring gain on the sale of Other Real Estate Owned of $295,000 ($171,000 after tax) in the third quarter and significant improvement in the quality of assets during the year so that no provision to the loan loss reserve has been required since April. He also noted that whereas the Bank is highly liquid with substantial funds to loan, especially to small businesses, demand has been extremely sluggish.

On July 14, 2010, First Commerce Bancorp announced its intention to merge with and into Grandpoint Capital and its wholly-owned subsidiary, Grandpoint Bank. First Commerce Bancorp shareholders will hold a special meeting on October 20, 2010 to vote on this proposition, subject to all applicable regulatory approvals.

First Commerce Bank is an independent community bank that operates through its main office headquartered in Encino, California, and has a regional office in Los Angeles, California. The Bancorpa™s stock trades on the Over the Counter Bulletin Board (OTCBB) under the symbol FCCC.

This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Actual results could differ materially from those projected in the forward-looking statements.