SOURCE: Promerica Bank

Promerica Bank

February 20, 2009 19:13 ET

PROMERICA BANK Appoints John H. Quinn as President and Chief Executive Officer

LOS ANGELES, CA--(Marketwire - February 20, 2009) - PROMÉRICA BANK (OTCBB: PMRA) is proud to announce the selection of John H. Quinn as their new President and Chief Executive Officer, effective February 23, 2009. The appointment was recently approved by Promérica Bank's Board of Directors and has also received regulatory approval.

"We are delighted to welcome John Quinn to Promérica Bank. After an extensive search, the Board believes Mr. Quinn is ideal because of his vast knowledge and experience with our target clientele, products and services and the Southern California region. Mr. Quinn is well-versed in small business banking, having led three banks in national and international settings. He also led and restructured several non-profit institutions. Mr. Quinn's 30 years of senior-level banking, strong leadership and relationship-managing skills will enhance our services to small businesses, non-profits, and professionals. John Quinn's personal enthusiasm and special ability to develop responsive banking solutions for our clients will be an invaluable resource for the Bank and our clients," announced Maria Contreras-Sweet, Chairwoman of Promérica Bank. She added, "The Board of Directors joins me in also thanking Scott Montgomery, our interim Chief Executive Officer, for his invaluable knowledge and guidance through a critical period in the banking industry. We are particularly grateful for the great job he did in helping recruit his successor."

Mr. Quinn holds a Bachelor's degree and an MBA from Stanford University. Prior to joining Promérica Bank, Mr. Quinn was a successful Chief Executive Officer at Security Pacific Asia Limited, Security Pacific Asian Bank, N. A., and Olympic National Bank. At each banking organization, Mr. Quinn increased their assets with higher profit margins. He worked extensively on new customer acquisition efforts and effective team leadership. He also served as the Chief Executive Officer of Childrens Hospital Los Angeles Foundation, the Verdugo Hills Hospital Foundation and the Big Brothers Big Sisters of Greater Los Angeles and Inland Empire.

"I am honored by the confidence the Board has in me and I am excited by the possibilities for Promérica Bank. I look forward to building upon the robust reputation the Bank has created in the Los Angeles community. Promérica Bank represents a unique and exciting opportunity to focus on improving the lives of our small business, non-profit and professional communities in Los Angeles and the surrounding areas. In the midst of wide-ranging instability in the banking industry, PROMÉRICA BANK continues to offer its clients safety and peace of mind knowing that their Bank has capital well in excess of regulatory requirements to be 'well capitalized,' while maintaining strong liquidity and FDIC insurance to the maximum allowed by law," stated Mr. Quinn. "We believe our strength and stability offer security for our clients in these uncertain times, and our size enhances our customer service qualities." He continued, "We are well positioned to continue to provide capital to the small to medium sized company market place. We are also part of the exciting redevelopment and expansion of the downtown Los Angeles market, with approximately $1.4 billion in new projects under construction right outside our front door. Certainly challenges in the economy will be with us all for some time to come, but we believe those challenges will also provide opportunities for our customers, for prudent lending and for the expansion of our banking franchise."

Mr. Quinn added, "The entire Promérica Bank team, including its staff, Directors and Chairwoman, Maria Contreras-Sweet, is dedicated to providing superior customer service and thereby delivering value to our customers, depositors and stakeholders. I look forward to helping Promérica Bank achieve its strategic objectives."

About PROMÉRICA BANK

Promérica Bank (OTCBB: PMRA), a full-service commercial bank, was formed to serve the local business community, non-profit sector, and professional services firms with a focus on women-owned businesses and the Latino community. As the first Latino-formed business bank to debut in downtown Los Angeles in the past 35 years, Promérica Bank is dedicated to building family wealth by empowering entrepreneurs with the requisite financial services and capital infusion for the success of their small to mid-size businesses. For more information about Promérica Bank or any of their services, please contact us at 213.613.5000. Promérica Bank, a member of the FDIC, is located at 888 South Figueroa Street, Suite 100, Los Angeles, CA 90017, or visit our website at www.promericabank.com.

NOTE:

This news release contains forward-looking statements about the Bank for which the Bank claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Bank's possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Bank's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, (2) changes in interest rates, (3) significant changes in banking laws or regulations, (4) increased competition in the Bank's markets, (5) other-than-expected credit losses due to real estate cycles or other economic events, (6) earthquake or other natural disasters affecting the condition of real estate collateral or the business environment. In addition, management cannot predict at this time the extent of the recent economic downturn, and a slowing or worsening could adversely affect our performance in a number of ways, including decreased demand for our products and services and increased credit losses. Likewise, changes in deposit interest rates, among other things, could slow the rate of growth or put pressure on current deposit levels. Forward-looking statements speak only as of the date they are made, and the Bank does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made.

Contact Information

  • Contact:
    PROMÉRICA BANK
    Maria Contreras-Sweet
    Chairwoman
    213.787.2802

    John H. Quinn
    President and CEO
    213.787.2803

    Frank E. Smith
    EVP and CFO
    213.787.2804