Business & Finance
Mon, September 26, 2011Sun, September 25, 2011Sat, September 24, 2011Fri, September 23, 2011Thu, September 22, 2011Wed, September 21, 2011Tue, September 20, 2011Mon, September 19, 2011Sun, September 18, 2011Fri, September 16, 2011Thu, September 15, 2011Wed, September 14, 2011Tue, September 13, 2011Mon, September 12, 2011Sun, September 11, 2011Sat, September 10, 2011Fri, September 9, 2011Thu, September 8, 2011Security California Bancorp Participates in the Small Business Lending Fund Program
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Published in Business and Finance on Thursday, September 15th 2011 at 16:17 GMT by Market WireRIVERSIDE, Calif.--([ BUSINESS WIRE ])--Security California Bancorp (aCompanya) (OTCBB:SCAF) announced today the receipt of a $7.2 million preferred stock investment from the U.S. Department of Treasury through the Small Business Lending Fund (SBLF) Program. Created in the Small Business Jobs Act of 2010 to increase small business lending, the Small Business Lending Fund is designed to provide capital to financially healthy qualified community banks.
"Not only did we continue to lend to qualified businesses within our various markets, our participation in this program reinforces our commitment to our region as we work together to weather the economic uncertainty that lies before us."
aWe are pleased to be selected as a participant in this program,a commented James A. Robinson, Chairman and CEO of Security California Bancorp. aBased on U.S. Treasury statistics, more than 40% of the banks that applied failed to meet statutory or program requirements and were not approved.a
Simultaneously, with the receipt of its SBLF funding on September 15, 2011, the Company exchanged 100% of the preferred stock totaling $7.2 million issued to the Treasury in January of 2009 under the Capital Purchase Program.
aSince our receipt of Capital Purchase Program funds in January of 2009, through June 30, 2011, the most recent quarter ended, we grew our loans by $86.6 million or 42%,a Mr. Robinson stated. aNot only did we continue to lend to qualified businesses within our various markets, our participation in this program reinforces our commitment to our region as we work together to weather the economic uncertainty that lies before us.a
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Security California Bancorp
Security Bank of California
Forward Looking Statement Disclaimer -
General Form
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Banka™s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect managementa™s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
