FDIC releases Southern California Bank from MOU.ANAHEIM, Calif.--(BUSINESS WIRE)--Feb. 27, 1995--SC Bancorp (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :SCK SCK Studiecentrum voor Kernenergie (Belgium) SCK Serial Clan Killers (gaming clan) SCK Sport Club Kriens (Switzerland) SCK Street Combat Karate (Germany) ) announced that after a fourth-quarter 1994 examination, its subsidiary, Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Bank, has been fully released from the informal memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU (Minutes Of Usage) A metric used to compute billing and/or statistics for telephone calls or other network use. ) that it entered into with the Federal Deposit Insurance Corp. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) and the California State Banking Department on Nov. 29, 1993. Larry D. Hartwig, president and chief executive officer, said that the bank had complied with or exceeded the major requirements of the MOU, which were a reduction in classified assets and maintenance of a leverage capital ratio of at least 7 percent. Hartwig stated: ``The bank's prudent lending and investment policies and our focused efforts to improve credit quality have enabled us to meet or exceed these goals set by the FDIC before agreed-upon scheduled dates. ``Our successful rights offering in early 1994 set the stage for our rapid recovery, and this latest action by our regulators is a very satisfying confirmation of a normalized credit quality and compliance situation.'' For the year ended Dec. 31, 1994, the company reported consolidated net income of $2,705,000, or 49 cents per average share outstanding. Hartwig indicated that renewed balance-sheet strength has resulted in superior capital ratios and established a solid base for future growth. SC Bancorp ended 1994 with significantly stronger capital ratios than the prior year. Consolidated capital ratios for year-end were: total risk-based capital ratio Risk-based capital ratio Bank requirement that there be a minimum ratio of estimated total capital to estimated risk-weighted asset. , 16.98 percent in 1994, compared with 10.18 percent in 1993; Tier 1 risk-based capital ratio, 15.72 percent in 1994, compared with 8.89 percent in 1993; and leverage ratio, 10.74 percent in 1994, compared with 6.09 percent in 1993. Southern California Bank, the largest independent bank with headquarters in Orange County, has total assets of $398 million. The bank serves customers in Los Angeles County and Orange County through 15 full-service branches. A specially designated Business Banking Center is also located in each county. CONTACT: SC Bancorp, Anaheim Larry D. Hartwig, 714/238-3110 |
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