SOURCE: Seacoast Commerce Bank

Seacoast Commerce Bank

October 09, 2013 19:20 ET

Seacoast Commerce Bank Surpasses $500 Million in SBA Loan Fundings

SAN DIEGO, CA--(Marketwired - Oct 9, 2013) - Seacoast Commerce Bank (OTCQB: SCCB) today announced that it has surpassed $500 million in Small Business Administration ("SBA") loan funding since the inception of its SBA lending department four years ago.

David Bartram, Chief Operating Officer and SBA Division Manager commented, "We launched the SBA division in late 2009 with the intent of providing loans to small business owners to purchase, build, or refinance real estate for their businesses. Since that time, we have been successful at growing our operation from a small office in San Diego to offices throughout the Western United States, and just surpassed $500 million in loans funded. We would like to recognize Group-A Autosports, Inc., from Norco, CA, for being our $500 millionth borrower, and wish them much success going forward."

David W. Hsu, President of Group-A Autosports, Inc. stated, "We are honored that Group-A Autosports could be a part of Seacoast Commerce Bank's milestone achievement. Truly, it has been a pleasure working with Chris Spivey and the Seacoast team. Of all the banks we talked with, Seacoast was the only bank that was able to underwrite our loan quickly, and at a competitive rate. Given the complexity of the deal and the logistics, I was thoroughly impressed with how professionally and smoothly the process went. Seacoast Commerce Bank has certainly earned our trust as well as the future business of our rapidly expanding company."

Richard Sanborn, President and Chief Executive Officer added, "We are very excited to have surpassed such a high benchmark in loan fundings. We know the money we lend to small business owners is helping them achieve their dreams and grow their businesses, which in turn is helping to grow our recovering economy. We wish Mr. Hsu and his company much success in the future and are very pleased we were able to provide the financing needed to assist with their growth plans." 

Seacoast Commerce Bank is a business bank headquartered in San Diego, California, with offices in San Diego, Chula Vista, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Las Vegas and Reno, Nevada; Dallas and Houston, Texas; Salt Lake City, Utah; and Bellevue, Washington. For more information on the bank please visit our website at 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

  • Richard M. Sanborn
    President and Chief Executive Officer