SOURCE: Seacoast Commerce Banc Holdings

Seacoast Commerce Banc Holdings

January 02, 2015 19:11 ET

Seacoast Commerce Bank Receives 5-Star "Superior" Rating From BauerFinancial, Inc.

SAN DIEGO, CA--(Marketwired - January 02, 2015) - Seacoast Commerce Bank, a wholly-owned subsidiary of Seacoast Commerce Banc Holdings (OTCQB: SCBH), announced today that it received a 5-Star "Superior" rating for financial strength from BauerFinancial, Inc., the nation's leading bank rating firm which has been providing bankers and consumers with independent ratings since 1983. BauerFinancial, Inc. rates all banks and credit unions on a zero-to-five star scale with 5-Stars, or Superior, being the strongest rating. A 5-Star rating indicates, among other things, that the institution has at least twice the capital strength that regulators require, the institution is sufficiently profitable, and has kept its delinquent loans in check. Seacoast Commerce Bank's rating can be found on Bauer's Recommended Bank Report at http://www.bauerfinancial.com/btc_ratings.asp.

Richard M. Sanborn, President & Chief Executive Officer, commented, "We are very pleased to receive this acknowledgement from BauerFinancial and be recognized as one of the highest performing and financially sound banks in the country. Of particular importance is the fact that BauerFinancial is a completely independent rating company where banks can not pay to be rated, nor choose to be excluded from being rated. We believe our 5-Star rating was achieved by consistently executing on our long-term strategic plan, and operating our bank in a safe and sound manner. We focus on what we believe is a lower-risk banking model of lending to small businesses under the US Small Business Administration's ("SBA") lending program, whereby every loan we originate under the SBA program receives up to a 75% guarantee from the US Government, coupled with a diversified, specialized, funding strategy. Our focus has been consistent for many years, as have our results, and this Superior rating acknowledges that."

Seacoast Commerce Bank, a wholly owned subsidiary of Seacoast Commerce Banc Holdings, is a business bank headquartered in San Diego, California, with full-service banking branches in San Diego, Chula Vista, and Glendale, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Portland, Oregon; Las Vegas and Reno, Nevada; Houston and Dallas, Texas; and Seattle, Washington. For more information on the bank please visit our bank website at www.sccombank.com. For more information on Seacoast Commerce Banc Holdings please visit our holding company website at www.scbholdings.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.

Contact Information

  • Contact:
    Richard M. Sanborn
    President & Chief Executive Officer
    Phone: 858-432-7001
    Email: rsanborn@sccombank.com