FOLSOM, Calif., Jan. 31 /PRNewswire-FirstCall/ — Commerce Bank of Folsom
(OTC Bulletin Board: CBFM), which opened its doors March 19, 2007, has
announced the unaudited financial results for the year ended December 31,
2007. Total ending assets were $29.4 million, with total deposits of $16.4
million and total loans of $18.3 million. For the fourth quarter 07 growth was
114% for deposits and 72% for the loan portfolio. The total assets grew over
102% during the 9 months that the bank was open.
After raising $14.4 million in capital from 385 local shareholders during
early 2007, the bank successfully focused on serving the banking needs of the
local community. “Our plan to enlist our strong, active board members to help
grow the bank has certainly paid dividends,” commented Greg Patton, President
and CEO. “We anticipated strong growth in the fourth quarter and, despite
upheavals and challenges, we met our own expectations.”
The loan portfolio has no delinquent or non-performing loans. During the
quarter, the bank added $91,000 to its provision for loan loss, keeping the
provision at 1.23% of total loans.
“We have concentrated our efforts on the Highway 50 corridor, reaching
clients from Rancho Cordova to Placerville with a level of community banking
services they had been missing,” Patton stated. “Our seasoned banking
professionals enjoy personal contact and relationships with the clients. With
our Remote Deposit processing and other state-of-the-art banking products, our
clients are able to experience the services of a big bank with the personal
attention that we focus on as a community bank.”
Commerce Bank of Folsom employees and board members are deeply involved in
the communities they serve. The bank is a sponsor of the Folsom Rodeo, Folsom
High School athletics, the Folsom Symphony, Rotary International, and numerous
business and civic organizations.
Commerce Bank of Folsom (CBFM) is publicly traded on the Over-the-Counter
Bulletin Board. Its primary market maker is Howe Barnes Hoefer & Arnett. For
stock purchasing information contact John Cavender at (415) 538-5725.
This correspondence may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act. All of the statements contained
in this correspondence, other than statements of historical fact, should be
considered forward-looking statements, including, but not limited to, those
concerning (i) the Bank’s strategies, objectives and plans for expansion of
its operations, products and services, and growth of its portfolio of loans,
investments and deposits, (ii) the Bank’s beliefs and expectations regarding
actions that may be taken by regulatory authorities having oversight of the
operation, (iii) the Bank’s beliefs as to the adequacy of its existing and
anticipated allowances for loan and real estate losses and (iv) the Bank’s
beliefs and expectations concerning future operating results. Although the
Bank believes the expectations reflected in those forward-looking statements
are reasonable, it can give no assurance that those expectations will prove to
have been correct. All subsequent written and oral forward-looking statements
by or attributable to the Bank or persons acting on its behalf are expressly
qualified in their entirety by the qualification. Investors are cautioned not
to place undue reliance on these forward-looking statements, which speak only
as of the date hereof and are not intended to give any assurance as to future
results. The Bank undertakes no obligation to publicly release any revisions
to these forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated events.
SOURCE Commerce Bank of Folsom