SOURCE: Fullerton Community Bank

January 29, 2007 11:42 ET

RMG Capital Corporation Announces 2006 Earnings

FULLERTON, CA -- (MARKET WIRE) -- January 29, 2007 -- RMG Capital Corporation (OTCBB: RMGC), the holding company for Fullerton Community Bank, F.S.B. in Fullerton, California, announced today that its 2006 after tax net income totaled $4.19 million or $1.51 per share.

According to RMG spokesman R. O. Kusserow, the corporation's continued success is attributed to another year of record earnings at the Bank level. Fullerton Community Bank ("FCB") is the principal operating business of RMG Capital Corporation. FCB posted a net profit of $5.2 million at the end of 2006, making it the third consecutive year of double digit income gains. Excluding non-recurring gains on the sale of assets during 2005, core banking net income increased 27% during 2006. Total assets for the Bank increased from $611 million at the end of 2005 to $670 million at the end of 2006, an increase of 9.61%. Despite increasing downward pressure on banking industry margins, FCB's Net Interest Margin has remained relatively constant over the past year at 3.43% as of year-end.

During the past year, FCB's Small Business Administration Lending Division, Business Community Capital, added loan production offices in Ontario, California and Las Vegas, Nevada. These additions will increase the Bank's capacity to serve this important growth area.

Contact Information

  • Contact:
    Richard O. Kusserow
    V.P. and Secretary
    RMG Capital Corporation
    (714) 578-7500