SAN DIEGO, CA--(Marketwire - Oct 29, 2012) - Seacoast Commerce Bank (OTCQB: SCCB) today announced that it was ranked the 14th largest provider of loans to small businesses in the United States, as reported by the U. S. Small Business Administration (SBA), for the SBA's fiscal year ended September 30, 2012. This is up from the 18th largest in 2011 and the 23rd largest in 2010.
The SBA tracks which banks are providing assistance to small businesses through the SBA's 7(a) loan program, and for the SBA's fiscal year ended September 30, 2012, Seacoast Commerce Bank had $136 million in loans approved.
In addition to being ranked the 14th largest provider of loans to small business in the U.S., Seacoast was the 4th largest small business lender in California, the 5th largest SBA lender in Nevada, the 8th largest small business lender in Texas, and the 11th largest small business lender in Washington.
Richard M. Sanborn, President and Chief Executive Officer commented, "Small businesses are the engine that will pull us out of this economic recession and we want to do what we can to help. Our goal is to provide $145 million in new SBA loans to small businesses this calendar year and we're on track to do it. That will go a long way in helping small businesses survive and thrive in this economic crisis."
David Bartram, EVP and SBA Division Manager added, "Our talented team of SBA professionals, both in the sales and back office area, have enabled us to meet the needs of small businesses in the markets we serve. Our focus on providing owner/users long-term real estate financing enables the business owner to preserve working capital for their business, and, more importantly, hire new employees. As per the SBA, every $1 million lent out creates or saves 33 jobs."
Seacoast Commerce Bank is a business bank operating in San Diego, California, with loan production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Bellevue, Washington; Phoenix, Arizona; Dallas, Texas; Salt Lake City, Utah; and Las Vegas, Nevada. For more information on the bank please visit our website at www.sccombank.com or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001.
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.