SOURCE: RMG Capital Corporation

August 15, 2007 18:44 ET

RMG Capital Corporation Announces 2Q Profit

FULLERTON, CA--(Marketwire - August 15, 2007) - RMG Capital Corporation (OTCBB: RMGC), the holding company for Fullerton Community Bank, F.S.B. in Fullerton, California, announced second-quarter profits of $1.13 million bringing year-to-date net income to $2.1 million or $0.69 per share.

According to company spokesman, Richard Kusserow, total Bank assets grew to $676 million, an increase of 4.9% over the same period a year ago. Total Bank loans increased by $23.6 million for the quarter, reflecting strong growth in the Small Business and Commercial loan sectors. The Bank reported Net Interest Income after Loss Provision of $11.4 million for the six months ending June 30, 2007, an increase of 5.31% as compared to the same period in 2006. Kusserow added that the Bank exited the single-family mortgage market three years ago and therefore has no sub-prime or "Alt A" loans in its portfolio.

Fullerton Community Bank serves consumer and business customers with eight full-service branch offices throughout Orange County, California, together with Small Business Administration Loan offices located in Anaheim Hills, Sacramento, Ontario and San Diego, California and Las Vegas, Nevada.

Contact Information

  • Contact:

    Richard O. Kusserow
    VP and Secretary
    RMG Capital Corporation
    (714) 578-7500