California Center Bank Reports That Preliminary First-Quarter Net Profit Increased by 146% to $1.9 Million.Business Editors LOS ANGELES--(BUSINESS WIRE)--April 4, 2000 California Center Bank (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLFC CLFC Creating Lasting Family Connections (New Hampshire) CLFC Clear Lake Fencing Club (Texas) ) today announced its first-quarter, 2000 preliminary unaudited financial results. The final first-quarter results are expected to be released later this month. During the first quarter, the Bank recorded a 146% improvement in net profit to $1.9 million, compared with $0.8 million for the same period of 1999. As of March 31, 2000, total assets increased 5.1% to $372 million, from $354 million as of Dec. 31, 1999. During the first quarter, total deposits increased 5.5% to $328 million, compared with $311 million as of Dec. 31, 1999. The Bank maintained a sustained loan growth by 5.1% to $249 million, from $237 million for the previous quarter. California Center Bank was founded in 1986 and has headquarters in Los Angeles, with five branch offices throughout Southern California. California Center Bank is a medium-sized community bank servicing multi-ethnic and small-business customers. It specializes in commercial, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government and trade finance. The Bank's Web site is www.calcenterbank.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Certain statements contained in this news release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and . The company's actual results may differ materially from those included in the forward-looking statements. |
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