SOURCE: Premier Commercial Bank

Premier Commercial Bank

October 22, 2010 09:00 ET

Premier Commercial Bancorp Announces Increased Quarter and Year-to-Date Earnings

ANAHEIM, CA--(Marketwire - October 22, 2010) -  Premier Commercial Bancorp (OTCBB: PCBP), parent company of Premier Commercial Bank, N.A., reported an increase in unaudited consolidated earnings for the nine months ended September 30, 2010 to $457,000, compared to $113,000 the same period last year. For the three months ended September 30, 2010, earnings of $112,000 were reported compared to profit of $58,000 for the third quarter of 2009.

Premier Commercial Bank Chairman and CEO Kenneth J. Cosgrove stated, "At PCB we are encouraged by the modest indications of economic stabilization and the positive impact that it has had on our third quarter financial performance. We also recognize that significant challenges remain for our industry and our local economy. In turn, we have continued to work closely with our clients and prospects in providing proactive solutions and alternatives. We feel such collaboration will reinforce the continued stability of the Company and contribute to future growth potential for both client and Bank."

As of September 30, 2010, on a consolidated basis, total assets increased 5.5% to $426 million, up from $404 million for the same period last year. Total deposits also increased, growing to $363 million, an 18.7% rise, from $306 million at September 30, 2009. Net loans reduced slightly to $316 million at September 30, 2010 from $342 million at September 30, 2009. Shareholders' equity at September 30, 2010 was reported at $39.5 million, representing a strong, well-capitalized position as prescribed by current regulatory guidelines.

Premier Commercial Bank President and COO Ash Patel indicated, "We have adapted to the challenges of the current environment with a focus on client needs while retaining prudent banking practices. The strength and stability of our organization has proven invaluable as it provides the basis to meet the objectives of both parties. We are pleased to be a financial refuge at a time of duress within our industry."

Cosgrove added, "The modest deleveraging of the balance sheet, as implemented by management, is shown in the financials summarized above. This action has further strengthened our liquidity position and reinforced our capacity to participate in the economic recovery as it develops."

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

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
    Email Contact