Community National Bank Expands Into Escondido.Business Editors FALLBROOK, Calif.--(BUSINESS WIRE)--Feb. 27, 2001 Community National Bank announced today it has filed an application with the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ) to add a retail banking office in Escondido. Community National Bank is a wholly-owned subsidiary of Community Bancorp Inc. (Nasdaq:CMBC CMBC Coast Mountain Bus Company (Surrey, BC, Canada) CMBC Canadian Mennonite Bible College CMBC Camp Memorial Blood Center (US Army) CMBC Castle Morpeth Bridge Club (UK) ). Upon completion, the Escondido location will be CNB's fourth full-service retail branch, complementing its locations in Fallbrook, Vista and Temecula. The new office, located at 1320 West Valley Parkway, Suite 306 in Escondido, is slated to open on March 5 as a Loan Production Office. Pending OCC approval, the retail banking office is targeted to open in April at the same location. "The expansion into Escondido is a natural step for us," stated Tom Swanson, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Many of our current borrowers are already in the area and have asked us to open a banking office to better meet their business banking needs. That built-in business, and a highly experienced lending team, should make Escondido a great addition to our branch network." Seasoned commercial lenders Gene May, Jon Harvey and Bert Woods will be in the new office, along with veteran 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 lender John Rife. Community National Bank, a subsidiary of Community Bancorp, is a $281 million financial institution headquartered in Fallbrook. Located between 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. and San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , the bank's primary focus is community banking and commercial lending, with additional lending niches of SBA and aircraft lending. A Preferred Lender, Community National Bank is the 7th largest SBA lender in California and 38th in the nation. The bank serves North San Diego and the Inland Empire communities with retail banking offices in Fallbrook, Temecula and Vista. The bank has loan production offices in Fallbrook, Los Angeles, Ontario, Orange, Sacramento, Temecula, Vista and in the East San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay . Statements concerning future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations, specifically: expansion into new markets and the success of such ventures, and the approval of the OCC. Additional information on these and other factors that could affect financial results are included in CMBC's Securities and Exchange Commission filings. |
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