SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

SOURCE: Seacoast Commerce Banc Holdings

Seacoast Commerce Banc Holdings

July 08, 2015 16:00 ET

Seacoast Commerce Bank Receives Outstanding Community Reinvestment Rating

SAN DIEGO, CA--(Marketwired - July 08, 2015) - Seacoast Commerce Bank ("Bank"), a wholly-owned subsidiary of Seacoast Commerce Banc Holdings (OTC PINK: SCBH) ("Company"), recently announced that it received an 'Outstanding' Community Reinvestment Act rating from the Federal Reserve Bank after the Bank's most recent exam.

The Community Reinvestment Act ("CRA"), established in 1977, is intended to encourage financial institutions to help meet the credit needs of the communities in which they operate, including low and moderate-income neighborhoods, consistent with safe and sound operations. CRA ratings are assigned as Outstanding, Satisfactory, Needs to Improve, or Substantial Noncompliance, with such ratings determined by a bank's performance in lending practices, investments in community development, and services provided throughout the bank's assessment area for the convenience and needs of customers.

Richard M. Sanborn, President & Chief Executive Officer, commented, "We are extremely proud to be recognized as having an 'Outstanding' rating under the CRA, which is the highest rating a bank can receive. We also know that we are among the elite institutions in the country that far exceed what is required on serving the needs of our community, as very few banks earn an 'Outstanding' rating. This is a strong testament to our employees' dedicated efforts towards meeting the needs of our communities," Sanborn concluded.

According to the Board of Governors of the Federal Reserve's website on CRA ratings (http://www.federalreserve.gov/apps/crape/BankRating.aspx), only 15 institutions nationally received an 'Outstanding' rating for exams completed in 2014, and only three (3) institutions have received an 'Outstanding' rating through June of 2015.

Seacoast Commerce Banc Holdings, and its wholly-owned subsidiary, Seacoast Commerce Bank, are 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 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

  • For more information:

    Richard M. Sanborn
    President and Chief Executive Officer
    858-432-7001
    www.scbholdings.com