SOURCE: Plaza Bank

Plaza Bank

September 29, 2010 17:18 ET

Plaza Bank Prepared to Respond to New Small Business Jobs Act

LAS VEGAS, NV--(Marketwire - September 29, 2010) - Plaza Bank (OTCBB: PLZB) announced today that it is preparing to capitalize on its well established small business lending expertise to meet a significant increase in business loan volume and activity anticipated in the fourth quarter as a result of the recent signing of the Small Business Jobs Act (HR 5297). 

The Act provides $12 billion in tax benefits and a $30 billion lending fund for small businesses, the Bank's primary customer base. Plaza's goal is to fund $100 million in new commercial loans, both conventional and SBA, during the next 12 months. 

"Las Vegas has been in the eye of the storm of this economic crisis. As we begin to see turnaround indicators within the hospitality industry and other economic areas, this Act is a very important step in the right direction," says Ali Rizvi, Chief Banking Officer at Plaza Bank, Las Vegas.

Provisions of the Act include incentives to healthy community banks for increases in small business lending, as well as an extension of the 90 percent SBA guarantee on small business loans which began in 2009 and expired in May. 

Plaza Bank's marketing plan focuses on providing superior service and a wide array of lending choices to small to medium-size traditional businesses and professional firms. These customers are best able to benefit from the newly reduced or eliminated lending fees, increased loan limits and new incentives for debt refinancing.

"Unlike many community banks, we are in the position to proactively seek SBA and commercial loan clients and provide them with opportunities for growth," continues Rizvi. "The SBA estimates that a new job is created with every $35,000 loan, so our efforts will have a direct and positive impact on our community's job market."

Some of the provisions of the Jobs Act are effective immediately, while others will be implemented in stages through the Small Business Administration (SBA). Plaza Bank Las Vegas has hired an SBA loan expert to assist borrowers with the best strategy to utilize the benefits of the Act. 

The Las Vegas branch of Plaza Bank is located at 4043 South Eastern Avenue, and can be reached at (702) 853-4700. 

About Plaza Bank

Plaza Bank is a full-service business bank headquartered in Irvine, California with an additional full service branch location in Las Vegas, Nevada. 

The Bank is dedicated to meeting the financial needs of the small business customer with innovative diverse products and personalized service. For additional information, visit the Plaza Bank website at www.plazabank.net.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements describe future plans, strategies and expectations. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Contact Information

  • Media Contacts:
    Gene Galloway
    President
    Plaza Bank
    702-277-2221 or 949-502-4309
    Email Contact

    Stacey Divine
    Infuze Marketing
    916-662-8282
    Email Contact