SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

August 24, 2010 13:00 ET

Seacoast Commerce Bank Finances $2,000,000 SBA 7(a) Commercial Construction Loan for Expanding Valley Business

SACRAMENTO, CA--(Marketwire - August 24, 2010) -  Seacoast Commerce Bank (OTCBB: SCCB) today announced that it funded a $2,000,000 SBA 7(a) loan for the construction of a commercial building, with ground breaking ceremonies scheduled for 10:00 AM on September 2, 2010, at the new building site located at 1864 Ackley Court, Oakdale, California. The loan was funded by Seacoast Commerce Bank with a guarantee by the United States Small Business Administration (SBA) under the SBA 7(a) loan program.

Scheduled to attend groundbreaking ceremonies will be the owners of Mid Valley Foods Inc., representatives from the United States SBA office in Sacramento, State of California, County and City Officials, Seacoast Commerce Bank representatives, Stanislaus Economic Development & Workforce Alliance, Alliance Small Business Development Center, as well as the construction team from DeGraff Development.

The finished building will house the wholesale meat distributor, Mid Valley Foods Inc., currently located in Riverbank, California. Mid Valley Foods Inc. (MVF) has outgrown its current facility and to meet the demands of its many valley customers plans to increase staff from its current 18 employees to a projected 30 employees.

Once completed in the scheduled six (6) months of construction, the building will be 24,000 square feet with a total project cost of $2,829,000. The state of the art facility will have cold storage, warehouse, and office space to serve the needs of Mid Valley Foods Inc. and its many customers who receive weekly and daily deliveries throughout Northern and Central California.

"Two years ago, a ground breaking for a 24,000 square foot building would have been considered a routine event," said David Bartram, EVP and Manager of Seacoast Commerce Bank's SBA division. "Today, this project announcement is significant in that so few businesses are expanding, and it represents the direct connection between SBA financing and job growth."

Cheri Casey, co-owner and Vice President of Mid Valley Foods, says, "We are bulging at the seams in our current building and expansion was a necessity; this will make us so much more efficient and allow us to add many more employees." Casey added, "We were told by many lenders that they were either unwilling or unable to lend to us at this time for our construction project; Seacoast Commerce Bank and the SBA are allowing us to expand when we need to, which is now!"

Seacoast Commerce Bank is a business bank operating in San Diego, California, with loan production offices in Orange County, Los Angeles, and Sacramento, CA; Seattle, Washington; Dallas, Texas; and Phoenix, Arizona. For more information about our SBA lending, please visit our website at www.SBAConnect.com or contact David H. Bartram, EVP and SBA Division Manager at 760-796-5544, Ext 2106.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.

Contact Information

  • Contact:
    David H. Bartram
    EVP and SBA Division Manager
    760-796-5544, Ext 2106