SOURCE: San Diego Private Bank
CORONADO, CA--(Marketwired - May 10, 2013) - Maria P. Kunac, President and Chief Executive Officer of San Diego Private Bank (OTCQB: SDPB), formerly Coronado First Bank, announced today the bank's condition and results of operations for first quarter 2013.
Based on unaudited financial results for the first quarter ended March 31, 2013, Coronado First Bank reported net profit of $333,000 for the quarter.
As of March 31, 2013 total assets were $168.6 million and total deposits were $128.2 million. The bank maintained very strong capital ratios finishing the quarter with a Tier 1 Leverage Capital Ratio of 16.67% and a Total Risk Weighted Capital Ratio of 23.88%.
Maria P. Kunac, President and CEO, stated, "We are very pleased to have successfully completed the merger between San Diego Private Bank and Coronado First Bank, which increases the footprint of the Bank, expanding our service area to include branches in La Jolla and Newport, with an SBA Office in San Marcos. This merger is a great opportunity for us to provide our clients increased credit capacity and expanded services."
San Diego Private Bank is publicly traded on the Over-the Counter Bulletin Board (OTCBQ) under the ticker symbol: "SDPB," with total shares outstanding of 4,053,809.
This press release may include forward looking statements that involve inherent risks and uncertainties. San Diego Private Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which San Diego Private Bank operates, our ability to successfully integrate the operations of Coronado First Bank/San Diego Private Bank, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.