First Commerce Bancorp Reports Record Earnings.

Business Editors

ENCINO, Calif.--(BUSINESS WIRE)--April 14, 2004

During the first quarter of 2004, First Commerce Bancorp (OTCBB:FCCC) was formed with regulatory and shareholder approval. Jack Feldman, First Commerce Bancorp's President and CEO, reported that First Commerce Bank is now 100% owned by First Commerce Bancorp and through a share for share exchange, the former shareholders of First Commerce Bank will be the shareholders of First Commerce Bancorp. For the three months ended March 31, 2004, the Bancorp recorded net income on a consolidated basis of $444,000, an increase of 67%, as compared to net income of $266,000 which was recorded by First Commerce Bank for the same period last year. Diluted earnings per share were $0.05 for the first quarter ended March 31, 2004, as compared to $0.03 for the same period in 2003. Total assets increased 34% to $187 million at March 31, 2004 as compared to $140 million in 2003. Deposits grew by 31% to $168 million at March 31, 2004 as compared to $128 million in 2003, while net loans increased 34% to $139 million as compared to $104 million in 2003.

Feldman also reported that the Bancorp was formed to accommodate a Pooled Trust Preferred Securities Offering in the amount of $5,000,000. In March 2004, the Bancorp contributed $4,000,000 of the proceeds received from the Trust Preferred Securities to the capital of the Bank.

First Commerce Bank is an independent community bank with its main office at 16861 Ventura Boulevard, Encino, CA and a regional office in Brentwood, CA. First Commerce Bancorp is headquartered at the Encino location of the Bank. The Bancorp's stock trades on the Over The Counter Bulletin Board (OTCBB) under the symbol FCCC.