California United Bank Issues Report for Period Ended June 30, 2005.ENCINO, Calif. -- Contact information, phone numbers for both David I David I, king of Scotland David I, 1084–1153, king of Scotland (1124–53), youngest son of Malcolm III and St. Margaret of Scotland. During the reign of his brother Alexander I, whom he succeeded, David was earl of Cumbria, ruling S of the Clyde . Rainer The name Rainer comes from the Germanic name Reginar, composed of the two elements ragin ("advice") and heri ("army"). The name was brought to Britain by the Normans. and Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Dennen should reflect area code 818 (sted area code 310). The corrected release reads: CALIFORNIA California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). UNITED BANK ISSUES REPORT FOR PERIOD ENDED JUNE June: see month. 30, 2005 California United Bank (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CUNB), which commenced operations on May 23, 2005, today announced results for the period ended June 30, 2005. Total assets at June 30, 2005, increased to $51,243,819, an increase of $17,431,000 over the opening balance sheet of $33,813,000. During this period, the Bank generated $3.2 million in net loans and received $17.6 million in total deposits. The Bank reported a net loss of $328,873 for the period ended June 30, 2005, in line with other start-up Start-up The earliest stage of a new business venture. banks. "The Bank has been well received by the business community in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. and the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. area," said David I. Rainer, President and Chief Executive Officer, "and we are very pleased with the strength of the customer base we have developed in just over five weeks." Results for this period also reflect a $65,700 provision to the allowance for loan and lease losses. "We believe that this initial provision is prudent to provide for a growing loan portfolio," Rainer stated. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the support of our customers and local shareholders," he said. "The enthusiasm for a locally based, independent bank, which was apparent in the results of our stock offering, has not abated Abated, an ancient technical term applied in masonry and metal work to those portions which are sunk beneath the surface, as in inscriptions where the ground is sunk round the letters so as to leave the letters or ornament in relief. From 1911 Encyclopædia Britannica ." He noted, "$8.2 million of the deposits for the first period are attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to one customer who, subsequent to quarter-end, converted a substantial portion of the funds into a repurchase agreement Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. with the Bank." The Bank opened on May 23, 2005, after completing its $35 million initial stock offering on April 27, 2005, resulting in the largest initial capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. of any new publicly held state-chartered bank in California. California United Bank provides a full range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , including credit and deposit products, and cash management services from its headquarters office at 15821 Ventura Boulevard Ventura Boulevard is one of the primary east-west thouroughfares in the San Fernando Valley; as it was originally a part of the El Camino Real (the trail between Spanish missions), Ventura Boulevard is the oldest route in the San Fernando Valley. It was also U.S. , Suite 100, Encino, CA 91436. Information on products and services may be obtained by calling 818-257-7700 or visiting the Bank's website at www.californiaunitedbank.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the Bank for which the Bank claims the protection of the 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. provisions contained in 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 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) the unknown economic impact of state budget issues, (2) changes in interest rates, (3) significant changes in banking laws or regulations, (4) increased competition in the Bank's markets, (5) other-than-expected credit losses due to real estate cycles or other economic events, (6) earthquake earthquake, trembling or shaking movement of the earth's surface. Most earthquakes are minor tremors. Larger earthquakes usually begin with slight tremors but rapidly take the form of one or more violent shocks, and end in vibrations of gradually diminishing force or other natural disasters affecting the condition of real estate collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although , and (7) the impact of changes in regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , judicial, or legislative tax treatment of business transactions. Management cannot predict at this time the extent of the economic recovery, and a slowing or reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its could adversely affect our performance in a number of ways including decreased demand for our products and services and increased credit losses. Likewise, changes in deposit interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels. 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or events that occur after the date the statements are made.
CALIFORNIA UNITED BANK
BALANCE SHEET
For the Period Ended
June 30, 2005
Assets: Actual
------------
Cash $74,524
Due From Banks 690,950
Federal Funds Purchased 34,900,000
------------
Cash and Cash Equivalents 35,665,474
------------
U.S. Agency Mortgage-Backed Securities 6,786,540
U.S. Treasury/Agency Securities 3,975,000
------------
Total Investment Securities, at Market 10,761,540
------------
Total Cash, Due From Banks,
Fed Funds & Investment Securities 46,427,014
------------
Loans Net of Deferred Loan Fees 3,288,370
Allowance for Loan Losses (65,700)
------------
Loans Net of Allowance for Loan Losses 3,222,670
------------
Accrued Interest Receivable 42,914
Prepaid Expenses and Other Assets 68,422
Other Assets 153,710
Premises and Equipment 1,329,089
------------
Total Other Assets 1,594,135
------------
Total Assets $51,243,819
------------
Liabilities:
Non-Interest-Bearing Checking $3,165,593
Interest-Bearing Checking 807,997
------------
Total Checking Deposits 3,973,590
Money Market Accounts 12,932,934
Savings Accounts 154,696
Certificates of Deposit 555,256
------------
Total Non-Checking Interest Bearing Deposits 13,642,886
------------
Total Deposits 17,616,476
------------
Accrued Interest Payable and Other Liabilities 1,448
Accounts Payable and Other Misc. Liabilities 165,974
------------
Total Liabilities 17,783,898
------------
Shareholders' Equity:
Common Stock 34,702,218
Pre Opening Expenses (889,351)
Year-to-Date Earnings/ (Loss) (328,873)
Accumulated Other Comprehensive Income (24,073)
------------
Total Shareholders' Equity 33,459,921
------------
Total Liabilities and Shareholders' Equity $51,243,819
------------
The following profit & loss statement reflects activity from the
start of business beginning May 23, 2005, the first day the Bank
opened for business, through June 30, 2005.
CALIFORNIA UNITED BANK
PROFIT AND LOSS STATEMENT
For the Period Ended
June 30, 2005
Actual
----------
Interest Income:
Interest and Fees on Loans $4,968
Interest on Investment Securities 18,801
Interest on Federal Funds Sold 126,688
----------
Total Interest Income 150,457
----------
Interest Expense:
Savings Accounts 13
Money Market Accounts 14,965
Time Deposits 756
Transaction Accounts 137
----------
Total Interest Expense 15,871
----------
Net Interest Income 134,586
----------
Provision for Loan Losses 65,700
Net Interest Income After Provision
for Loan Losses 68,886
Non-Interest Income:
Loan Related Income 750
Service Charges on Deposit Accounts 42
----------
Total Non-Interest Income 792
----------
Non-Interest Expense:
Salaries and Related Benefits 288,024
Occupancy, Rent & Depreciation 58,186
Other Operating Expense 52,341
----------
Total Non-Interest Expense 398,551
Pre-Tax Net Income/(Loss) (328,873)
Provision/(Benefit) for Income Taxes -
After-Tax Net Income/(Loss) $(328,873)
==========
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion