SUN VALLEY, Calif.,
Oct. 26 /PRNewswire-FirstCall/ --
President & CEO Tamara Gurney of
Mission Valley Bancorp (OTC Bulletin Board: MVLY), the parent
company of Mission Valley Bank, stated today, "I am pleased to
report that Mission Valley experienced a strong 3rd Quarter with
earnings for the period in excess of $325,000. This represents a quarter to
quarter improvement of more than 288% over the same period of 2009.
These results indicate the Company's return to profitability,
despite placing an additional $194,000 toward provision for loan losses.
"While measurable change in the economic climate remains to be
seen – our improved performance, coupled with strong portfolio
management and a solid capital position strengthens our resolve
that the worst is behind us. We believe that as the economy
continues its slow recovery, Mission Valley is well positioned for
future growth and improved profitability for our shareholders.
Representative of the beginnings of economic stabilization,
over the last 9 months we have continued to experience steady
decreases in both classified and delinquent loan ratios with
classified loans down by 14.7% and delinquencies reduced by 17%.
"Throughout 2010 Mission Valley has continued to lend and to
attract new clients, enabling us to reach a Net Operating Income
(before taxes and provision for potential loan losses) of more than
$2.1 million through September 30, 2010. Our 3rd Quarter
earnings of $325,000 have gone a long
way toward offsetting the $329,000
loss reported for the 2nd Quarter 2010, enabling us to close the
3rd Quarter with the reported small loss of only $4,000 year to date."
During the 3rd Quarter of 2010 Mission Valley Bancorp
received $4,836,000 in capital via
the Community Development Capital Initiative (CDCI) program as well
as approval to exchange the bank's existing TARP funding for the
more favorably structured CDCI funds, both transactions
representing a strong 'vote of confidence' from the U.S. Treasury
and Federal Reserve.
About Mission Valley Bank
Mission Valley Bank is a full-service, independent,
commercial bank specializing in the banking needs of small to
medium businesses in the San Fernando & Santa Clarita Valleys.
The Bank was chartered in July 2001,
with a vision of local ownership and a commitment to providing
financial solutions to meet the needs of its clients.
Forward-looking statements:
Certain matters discussed in this news release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
based upon current management expectations and, therefore, are
subject to certain risks and uncertainties that could cause actual
results, performance, or achievements to differ materially from
those expressed, suggested, or implied by the forward-looking
statements. Forward-looking statements are effective only as of the
date that they are made and Mission Valley Bank assumes no
obligation to update this information.
www.MissionValleyBank.com
Member FDIC
SOURCE Mission Valley Bancorp
Copyright . 26 PR Newswire
