SOURCE: Premier Commercial Bancorp

Premier Commercial Bancorp

March 01, 2012 17:00 ET

Premier Commercial Bancorp Announces 2011 Earnings

ANAHEIM, CA--(Marketwire - Mar 1, 2012) - Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported consolidated earnings for the year ended December 31, 2011 of $413,000, compared to net income of $607,000 for the year ended December 31, 2010.

Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove stated, "As previously reported, on December 9, 2011 California United Bank and Premier Commercial Bancorp announced the execution of a Definitive Agreement of Merger. Progress towards the combination of the two organizations is proceeding quite well and is on schedule. The transaction is expected to close near the end of the second quarter of this year. Reported earnings for the year were impacted when Premier Commercial Bancorp settled litigation relating to a lease obligation of a former subsidiary and the Board of Directors determined to expense the full amount of settlement payments in 2011. Excluding extraordinary and merger related expenses, core profitability was very good in 2011 and the Bank is well positioned for 2012. The PCB family anxiously awaits the successful assimilation with California United Bank."

As of December 31, 2011, on a consolidated basis, total assets were $451 million, a 4.2% increase from $433 million for the same period last year; total deposits were up 6.4% to $388 million as compared to $365 million at December 31, 2010. Net loans were reported at $307 million at December 31, 2011, up slightly from the same period last year. Shareholders' equity at December 31, 2011 was reported at $40.5 million, reflecting a well capitalized position per regulatory guidelines along with a Total Capital (to Risk-Weighted Assets) ratio of 16.0%.

Premier Commercial Bank President and COO Ash Patel indicated, "Since our announcement of the merger with California United Bank, the focus has been on appropriately melding the two banks together. We recognize the significant value of consolidation and that has been reinforced by client feedback as they look forward to expanded services while continuing to bank with their existing relationship manager. We anticipate the transition to be seamless."

About Premier Commercial Bancorp
Premier Commercial Bancorp is a registered bank holding company based in Anaheim, Calif. Premier Commercial Bank, a wholly owned subsidiary of Premier Commercial Bancorp, is a full-service bank specializing in small- to medium-size businesses, professionals, entrepreneurs and hospitality industry clients. Launched in November 2001, Premier Commercial Bank is the only independent bank with headquarters in Anaheim. For further information, call (714) 978-2400 or visit the Web site at http://www.pcboc.com

Cautionary Statement: Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made, and Premier Commercial Bancorp assumes no obligation to update this information. In addition, these forward-looking statements, and Premier Commercial Bancorp's business, are subject to the risk factors described in the filings of Premier Commercial Bancorp with the Securities Exchange Commission.

Contact Information

  • Contact:
    Viktor Uehlinger
    EVP & CFO
    (714) 978-2552