SOURCE: Premier Commercial Bancorp

May 23, 2006 10:07 ET

Premier Commercial Bancorp Announces Filing of Application for New Bank Subsidiary

California-Based Corporation Expanding East to Arizona

ANAHEIM, CA -- (MARKET WIRE) -- May 23, 2006 -- Premier Commercial Bancorp (OTCBB: PCBP), whose wholly owned subsidiary is Premier Commercial Bank, has announced the filing of an application to establish a new bank subsidiary in Mesa (Maricopa County), Ariz.

Premier Commercial Bancorp's application for the formation of "Premier Commercial Bank, Arizona" was recently received by the Office of the Comptroller of the Currency (OCC). Concurrently, Premier Commercial Bancorp is launching a $16 million capital campaign, of which $10 million will be used to fund the new bank.

"It's exciting to formally initiate this process and take the next step toward manifesting our vision for a new bank," said Ash Patel, President and Chief Operating Officer of Premier Commercial Bancorp. "Following the dramatic success of our first bank in Anaheim, we look forward to the prospect of having a second bank within the corporation -- especially in a burgeoning region such as Maricopa County."

According to Patel, Arizona's growth is compelling, enticing Premier Commercial Bancorp to expand eastward. The corporation's new bank will employ much the same strategy as its Anaheim subsidiary, lending to small and mid-size businesses in the hospitality and construction industries.

About Premier Commercial Bancorp

Premier Commercial Bancorp is a federally chartered commercial 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 www.pcboc.com.

Forward-looking 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 Bank assumes no obligation to update this information.

Contact Information

  • Public Relations Contact:
    Hilary Kaye
    HKA, Inc.
    (714) 426-0444
    hilary@hkamarcom.com

    Corporate Contact:
    Ken Cosgrove
    Chairman and CEO
    (714) 978-2400