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| Release Date: December 03, 2003 |
| Mission Oaks National Bank Raises $1.96 Million |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) has successfully completed a warrant exercise program that raised $1.96 million in additional capital.
The capital will allow the Temecula-based community bank to grow to about $120 million in assets and still remain a well-capitalized institution in the eyes of federal banking regulators. The infusion also added nearly $300,000 to the bank's legal lending limit.
The warrant program gave Mission Oaks' original 325 shareholders an opportunity to purchase additional bank stock at $10 a share, its original offering price. Shares in the bank recently traded at about $23 a share.
"We are pleased that nearly all of our shareholders took advantage of the warrant program," said Gary Votapka, Mission Oaks president and chief executive. "The proceeds will allow the bank to increase its lending limit and continue to grow."
Last week, Mission Oaks' board of directors approved plans for a two-for-one split of its common stock. The split requires the approval of two-thirds of Mission Oaks' approximately 350 shareholders. Shareholders of record as of April 1, 2004 would be eligible to receive the stock split.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of $89 million that is committed to serving consumers and businesses in Southwest Riverside and Northern San Diego counties. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. |
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| Release Date: November 28, 2003 |
| Mission Oaks National Bank Announces 2:1 Stock Split |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) announced that its board of directors has approved plans for a two-for-one split of its common stock.
The split, which will be proposed to bank's shareholders in the first quarter of 2004, requires the approval of two-thirds of Mission Oaks' approximately 350 shareholders. Shareholders of record as of April 1, 2004 would be eligible to receive the stock split.
"Mission Oaks just announced record earnings of $741,000, or 96 cents a share, for the nine months ended Sept. 30," said Robert Knogge, chairman. "We believe the stock split supports our strategy of building stockholder value by increasing the availability of our stock and improving its marketability."
The Temecula-based community bank continues to perform well as it enters its fourth year. Mission Oaks' five-star rating recently was reaffirmed by Bauer Financial Inc., a bank rating service. The Small Business Administration also expanded the bank's Preferred Lending status to include most of Southern California. The sought-after designation allows Mission Oaks to streamline its SBA loan process.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of $87 million that is committed to serving consumers and businesses in Southwest Riverside and Northern San Diego counties. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. |
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| Release Date: October 09, 2003 |
| Mission Oaks National Bank Reports Record Results for First Nine Months of 2003 |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) reported record results for the first nine months of 2003 and the 12 months ended Sept. 30 due to strong growth in non-interest income.
The Temecula-based community bank earned $240,000, or 30 cents a share, in the third quarter. That compares with a profit of $82,000, or 11 cents a share, a year ago. In the first nine months of 2003, Mission Oaks earned a record $741,000, or 96 cents a share. During the same period a year ago, the bank earned $56,000, or 7 cents a share. Over the last 12 months the bank has earned a record $1 million, or $1.23 a share.
"We are pleased with our results despite a tough interest rate environment," said Gary Votapka, president and chief executive. "The historically low rates have put pressure on the net interest margin of all banks."
Nine-month results benefited from an increase in non-interest income from the sale of loans, fees and mortgage originations, which grew 169 percent, or $837,000 from the same period a year ago. A particularly strong contributor was the bank's mortgage brokerage operations, which received a boost from a robust housing market and favorable interest rates.
As of Sept. 30 assets reached $80.6 million, up 47.3 percent from the same period a year ago. Total deposits reached $71.5 million, a $23.6 million, or 49.4 percent, increase from a year ago. Loans at the end of the quarter reached $56.2 million, up 47.2 percent from a year ago.
The bank continues to perform well as it completes its third year. During the quarter Mission Oaks received a reaffirmation of its five-star rating from Bauer Financial Inc., the bank rating service's highest rating. The Small Business Administration also expanded the bank's Preferred Lending status to include most of Southern California. The sought-after designation allows Mission Oaks to streamline its SBA loan process.
The bank is making sure it continues to grow. Mission Oaks shareholders have until Nov. 17 to exercise warrants that will allow them to buy additional shares at $10 each. Mission Oaks stock recently traded at $21 a share. Proceeds from the warrants offering are expected to add approximately $1.9 million in new capital to the bank.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank that is committed to serving consumers and businesses in Southwest Riverside and Northern San Diego counties. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. |
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| Release Date: September 16, 2003 |
| Mission Oaks National Bank Expands SBA Lending Status |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) announced that the U.S. Small Business Administration has expanded its Preferred Lending status to include Los Angeles and Arizona.
Earlier this year Temecula-based Mission Oaks was named a Preferred Lender by the SBA for Riverside, San Bernardino and Orange counties. The sought after designation allows the bank to simplify and expedite loans to small businesses.
"This is yet another achievement that shows our commitment to small business and lets us better serve our customers," said Gary Votapka, Mission Oaks National Bank president and chief executive.
The Preferred Lending status, the highest lending designation granted by the SBA, lets Mission Oaks document and originate SBA guaranteed loans and shorten the time it takes to get a loan approved and funded.
SBA lenders are classified in three categories: general program (GP), certified lender (CLP) and preferred lender (PLP).
Mission Oaks began making SBA real estate (504) loans shortly after it opened its doors. In 2001 it formally established an SBA loan department and began offering SBA-guaranteed 7A loans to small businesses.
Last year it opened small business loan offices in Northern San Diego County and Phoenix.
In short time Mission Oaks has become a leading SBA 7A lender in the region. In the second quarter ended March 31, Mission Oaks was the fifth largest SBA lender in Riverside County with five loans, according to the SBA's Santa Ana district office.
In the past 2 years, Mission Oaks has booked 44 SBA loans valued at $17.8 million.
Mission Oaks National Bank is a traditional, full-service community bank with two branches serving Southwest Riverside and Northern San Diego counties. It opened in November 2000 after raising $7.6 million from about 325 local investors. Today Mission Oaks National Bank has assets of more than $80 million and about 2,400 accounts. |
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| Release Date: July 08, 2003 |
| Mission Oaks National Bank Reports Record Results for 2nd Quarter 2003 |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) reported that strong asset growth and contributions from its small business lending operation led to record results in the second quarter ended June 30.
The Temecula-based community bank earned a record $276,000, or 36 cents a share, in the second quarter. That compares with a loss of $2,000 a year ago. In the first six months of 2003, Mission Oaks earned a record $502,000, or 66 cents a share. During the same period a year ago, the bank lost $26,000, or 3 cents a share. Over the last 12 months the bank has earned $865,000.
"We clearly benefit from being in the right place at the right time," said Gary Votapka, president and chief executive. "The communities and businesses we serve continue to grow and embrace our personalized style of banking."
He said the bank continues to enjoy healthy asset and loan growth.
Total assets as of June 30 reached $74.8 million, up nearly 74 percent from the same period a year ago.
Loans at the end of the quarter reached $51.7 million, up 67.6 percent from a year ago. Votapka said the bank in the first six months of 2003 originated Small Business Administration loans valued at approximately $3 million.
Mission Oaks also reported that non-interest income from the sale of loans, fees and mortgage originations grew nearly fourfold to $453,000 from $113,000 a year ago.
The bank also continues to perform well and operate efficiently as evidenced by several key banking ratios, said Keith Johnson, executive vice president. Return on assets, a comparison of profit and assets, reached 1.49 percent in the second quarter. Return on equity, a comparison of profit and equity, reached 14.4 percent in the quarter.
Mission Oaks National Bank is a full-service community bank that serves Southwest Riverside and Northern San Diego counties. |
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| Release Date: June 03, 2003 |
| Mission Oaks Gets Preferred Lending Status |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) announced it was granted Preferred Lending status by the U.S. Small Business Administration, a coveted designation that will allow it to simplify and expedite loans to small businesses.
"We are really pleased with the recognition from the SBA," said Gary Votapka, Mission Oaks National Bank president and chief executive. "This is another important milestone in our growth that will let us better serve small business customers."
The Preferred Lending status, the highest lending designation granted by the SBA, will let Mission Oaks document and originate SBA guaranteed loans and streamline lending.
"The PLP designation allows Mission Oaks to accelerate the SBA lending process and shorten the time it takes to get a loan approved and funded," said Hector Hernandez, senior vice president in charge of SBA lending at Mission Oaks.
SBA lenders are classified in three categories: general program (GP), certified lender (CLP) and preferred lender (PLP).
Mission Oaks began making SBA real estate (504) loans shortly after it opened its doors. In 2001 it formally established an SBA loan department and began offering SBA-guaranteed 7A loans to small businesses.
Last year it opened small business loan offices in Northern San Diego County and Phoenix.
In short time Mission Oaks has become a leading SBA 7A lender in the region. In the second quarter ended March 31, Mission Oaks was the fifth largest SBA lender in Riverside County with five loans, according to the SBA's Santa Ana district office.
In the past 1-1/2 years, Mission Oaks has booked 31 SBA loans valued at $8.6 million.
Mission Oaks National Bank is a traditional, full-service community bank with two branches serving Southwest Riverside and Northern San Diego counties. It opened in November 2000 after raising $7.6 million from about 325 local investors. Today it has assets of more than $74 million and 2,400 accounts. |
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| Release Date: April 10, 2003 |
| Mission Oaks National Bank Announces Results |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) in the first quarter of 2003 picked up where it left off at the end of 2002.
The Temecula-based community bank earned $225,000, or 29 cents a share in the first quarter. That compares with a loss of $24,000, or 3 cents a share, a year ago. It was the third consecutive profitable quarter for Mission Oaks, which finished 2002 with an annual profit of $337,000.
Founded in November 2000, the bank benefited from strong asset and loan growth and contributions from its fast-growing small business lending operation.
At year-end Mission Oaks was the fifth busiest small business lender in Riverside County and the 22nd busiest in Southern California, according to the Small Business Administration.
"We continue to build on the strong foundation that was put in place over the past two years," said Gary Votapka, Mission Oaks president and chief executive officer. "And we've been able to do this without any delinquent or non-performing loans."
Total assets as of March 31 reached $69.7 million, up more than 74 percent from the same period a year ago. In the last three months alone, bank assets grew by $11.3 million.
Loans at the end of the quarter reached $46.7 million, up 86.5 percent from a year ago.
Despite the rapid growth, Mission Oaks has kept expenses in line. While interest income increased 71.7 percent to $910,000, interest expense rose 59.7 percent to $206,000. As a result, Mission Oaks finished the quarter with net interest income of $704,000, up 75.6 percent from the same quarter a year ago.
Mission Oaks reported that non-interest income grew nearly three-fold to $335,000 from $105,000 a year ago.
Mission Oaks National Bank is a full-service community bank that serves Southwest Riverside and Northern San Diego counties. |
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| Release Date: January 15, 2003 |
| Mission Oaks National Bank Reports Fourth Quarter Results |
Temecula, CA
Mission Oaks National Bank (OTC BB:MKNB.OB - News) benefited from strong loan and asset growth to finish 2002, its second full year, with an annual profit of $337,000, or 44 cents a share.
In 2001 the Temecula-based community bank lost $647,000, or 85 cents a share. It typically takes new banks as long as three years to post an annual profit.
In the fourth quarter, Mission Oaks earned $280,000, or 37 cents a share, compared with a loss of $95,000, or 12 cents a share, a year ago. It was the second consecutive profitable quarter for Mission Oaks, which posted a profit of $82,000 in the third quarter.
"The bank in the second half of the year clearly benefited from a growing acceptance of our personalized banking services and the vibrant economy of Southwest Riverside and Northern San Diego counties," said Gary Votapka, Mission Oaks president and chief executive officer.
Total assets as of Dec. 31, 2002 were $58.4 million, up 75 percent from a year ago.
Deposits at year-end reached $51.6 million, nearly double from a year ago. Loans also grew nearly two-fold, from $22.9 million to $43.9 million.
"We continue to see strong demand for construction and business loans in our region despite economic sluggishness elsewhere," said Keith Johnson, Mission Oaks executive vice president and chief operating officer.
Net interest income for the year was $2 million, up from $1.2 million a year earlier.
The fourth quarter capped a remarkable year for Mission Oaks, a traditional community bank that opened its doors in November 2000.
Mission Oaks in June opened its second office on Highway 79 South in south Temecula. It is the only full-service bank branch serving a fast growing part of the city.
During the year, the bank also expanded small business lending with the addition of loan offices in San Diego County and Arizona. By year-end Mission Oaks was the fifth busiest small business lender in Riverside County and the 22nd busiest in Southern California, according to the Small Business Administration.
Mission Oaks National Bank is a full-service community bank that serves Southwest Riverside and Northern San Diego counties. |
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Equal Housing Lender
