SOURCE: Seacoast Commerce Bank

SOURCE: Seacoast Commerce Banc Holdings

Seacoast Commerce Banc Holdings

August 20, 2015 17:37 ET

Seacoast Commerce Bank Surpasses $500 Million in Assets and $1 Billion in SBA Loan Approvals

SAN DIEGO, CA--(Marketwired - August 20, 2015) - Seacoast Commerce Bank, the wholly-owned subsidiary of Seacoast Commerce Banc Holdings (OTC PINK: SCBH), today announced that the Bank has surpassed $500 million in assets, and that the Bank has surpassed $1 billion in U.S. Small Business Administration ("SBA") loan approvals.

Richard M. Sanborn, Seacoast's President and Chief Executive Officer commented, "As we stated in our previous earnings release, we anticipated surpassing two very significant industry benchmarks this year and we have done that. In June of 2009, when we launched our new SBA program, the Bank was a mere $89 million in assets. Today, our growth to over $500 million in assets equates to a compounded annual growth rate in excess of 33% per year. As to our SBA lending, surpassing $1 billion in loan approvals since 2009 is also a monumental achievement, and as per the SBA, for the first nine months of this fiscal year, Seacoast is the 10th largest SBA bank lender in the nation. Both of these achievements could not have been reached without our incredible employees. We look forward to surpassing the next significant benchmarks, $1 billion in assets and $2 billion in SBA loans, in the not too distant future."

Allan W. Arendsee, Seacoast's Chairman of the Board stated, "Our team continues to produce industry leading financial results. And while our growth has been impressive, our #1 focus has been, and will continue to be, driving shareholder value in a safe, sound, and consistent manner. We are not focused on growth for growth sake, but on producing quality earning assets that can provide our shareholders with a consistent, exceptional return. As per the FDIC, as of June 30, 2015, our Bank subsidiary produced a 15.25% return on average equity, which far exceeds our FDIC defined peer group average of 9.86%. On a consolidated year-to-date basis, Seacoast Commerce Banc Holdings achieved a 19.04% return on average common equity which is also far in excess of peers."

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

  • Contact:
    Richard M. Sanborn
    President & Chief Executive Officer
    Seacoast Commerce Banc Holdings
    Phone: (858) 432-7001
    Email: rsanborn@scbholdings.com