SOURCE: Desert Community Bank

October 25, 2006 10:00 ET

Area Bank Deposits Continue to Grow

VICTORVILLE, CA -- (MARKET WIRE) -- October 25, 2006 --Ronald L. Wilson, Chairman, President and CEO of Victorville-based Desert Community Bank (the "Bank") (NASDAQ: DCBK), today announced that on October 13, 2006, the Federal Deposit Insurance Corporation released its deposits by branch market share report for the period ending June 30, 2006. The banks in the High Desert from Wrightwood to Barstow and Lucerne Valley to Adelanto and Helendale reflect total deposits of $2.8 billion. This is a 12 percent increase over last year.

The High Desert region increase of nearly $300 million in deposits reflects growth in population and commerce. Desert Community Bank, Chairman/President/CEO, Ronald L. Wilson, said, "We have seen an increase in the deposit balance maintained by our business customers. Banks have generally also witnessed an increase in Time Certificates of Deposit and savings products due to the major influx of people. Competition for their deposits is fierce."

Desert Community Bank has the most deposits of any bank in the region with $494 million as of June 30, 2006. This marks the fourth consecutive year that they have been the region's leading bank in deposits. Desert Community Bank has eight branches, the most of any bank in the region. They are opening a new branch in Phelan by the end of 2006.

Bank of America is a close second with $487 million in deposits. Downey Savings and Loan is a distant third with $408 million and Washington Mutual, who was number one in 2002, posted the fourth best result with $404 million. Rounding out the top five was Union Bank with a total High Desert deposit base of $314 million.

The economic heart throb of the region based on sales tax revenue is Victorville. Their economic stronghold is also reflected in bank deposits as they boast $1.3 billion of the area's $2.8 billion total. Victorville reflects 46 percent of the total bank deposits in the region.

There are 13 banks reported by the F.D.I.C. in the High Desert region. Only two banks witnessed a decline in deposit market share. Citizens Business Bank (Victorville) dropped from $71.6 million to $65.8 million and Mojave State Bank (Helendale) dropped from $17.4 million to $17.2 million.

About Desert Community Bank

From its inception in March 1980, Desert Community Bank has been a leader in serving the needs of the communities in which it operates. That leadership is reflected by the involvement of the Bank and its employees in the many civic and non-profit organizations that act as its partner in enhancing the quality of life for all. The success of the Bank's efforts in partnership with many community leaders is reflected in the growth of the Bank to become the largest financial institution headquartered in the High Desert.

Desert Community Bank is based in Victorville, California, and operates eight full-service branches in San Bernardino County in the cities of Victorville, Apple Valley, Hesperia, Wrightwood, Adelanto and Barstow. Shares of the Bank's common stock are traded on the NASDAQ Small Cap Market System under the symbol "DCBK." The Bank's web site is located at www.dcbk.org. To obtain a copy of any of the Bank's public filings, or to obtain additional information, please contact Mr. Ronald L. Wilson, President and CEO, or John G. Sullivan, Chief Financial Officer at (760) 243-2140.

This news release may contain forward-looking statements with respect to the financial condition, results of operation and business of Desert Community Bank. These may include, but are not limited to statements that relate to or are dependent upon estimates or assumptions relating to the prospects of loan growth, deposit growth, credit quality, and certain operating efficiencies resulting from the operations of the Bank. These statements are subject to various risks and uncertainties. Such forward-looking statements are made based upon management's belief as well as assumptions made by, and information currently available to, management pursuant to "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The Bank's actual results may differ materially from the results anticipated in forward-looking statements due to a variety of factors. Such factors are described below and include, without limitation, (i) unanticipated deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses, (ii) increased competition with other financial institutions, (iii) lack of sustained growth in the economy in the Victorville, California area, (iv) rapid fluctuations or unanticipated changes in interest rates, (v) the inability of the Bank to satisfy regulatory requirements for its expansion plans, and (vi) changes in the legislative and regulatory environment. Many of such factors are beyond the Bank's ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. The Bank does not intend to update or reissue any forward-looking statements contained in this report as a result of new information or other circumstances that may become known to the Bank.

Contact Information

  • Contact:
    Ronald L. Wilson
    Chairman/CEO
    (760) 243-2140
    Email Contact