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| Release Date: Monday, November 15, 2004 |
| Mission Oaks Among Top 100 SBA 7a Lenders in U.S. |
TEMECULA, Calif., Nov. 15, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTC BB:MKNB.OB - News) was among the nation’s 100 busiest U.S. Small Business Administration lenders for the fiscal year ended Sept. 30, 2004, according to a report complied by Coleman Publishing Co.
Temecula-based Mission Oaks was the 85th biggest SBA 7a lender in the country, according to Coleman Publishing, a La Canada-based firm that tracks government lending programs. Mission Oaks originated 32 SBA 7a loans valued at $23.7 million in the 12-month period.
"We are really proud of the work our SBA staff has done catering to the needs of the region’s small businesses," said Gary Votapka, Mission Oaks president and chief executive. "Two years ago we were ranked 272nd and last year we were 129th."
Mission Oaks began making SBA real estate (504) loans shortly after opening its doors in November 2000. In 2001 it formally established an SBA loan department and began offering SBA-guaranteed 7A loans to small businesses.
Mission Oaks recently announced that SBA administration expanded its Preferred Lending status to include the San Diego district. Along with the PLP designation for the Los Angeles, Santa Ana and Phoenix district offices this means Mission Oaks pretty much covers all of the Southwest United States.
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.
Earlier this year Mission Oaks was named an Emerging Lender in the San Diego District by the Certified Development Corporation (CDC) Small Business Finance.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of more than $116 million that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. Mission Oaks plans to open a third branch in the Ontario/Rancho Cucamonga area next year.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: October 22, 2004 |
| SBA Expands Mission Oaks Preferred Lending Status |
TEMECULA, Calif., Oct. 22, 2004 (PRIMEZONE) -- 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 the San Diego district.
"Along with our PLP designation for the Los Angeles, Santa Ana and Phoenix district offices this means Mission Oaks pretty much covers all of the Southwest United States," said Gary Votapka, president and chief executive of Mission Oaks, a Temecula-based community bank.
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 opening its doors in November 2000. In 2001 it formally established an SBA loan department and began offering SBA-guaranteed 7A loans to small businesses.
In the past year, Mission Oaks has booked 27 SBA loans valued at about $20 million.
Earlier this year Mission Oaks was named an Emerging Lender in the San Diego District by the Certified Development Corporation (CDC) Small Business Finance.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with asset of more than $107 million that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. Mission Oaks plans to open a third branch in the Ontario/Rancho Cucamonga area early next year.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: October 12, 2004 |
| Mission Oaks Grows to More Than $107 Million |
TEMECULA, Calif., Oct. 12, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) reported record results in the third quarter ended Sept. 30 as assets climbed to more than $107 million.
For the quarter, the Temecula-based community bank earned $324,000, 17 cents a share, up 35 percent from the $240,000, or 15 cents a share, reported in the same period a year ago. Results from the third quarter of 2003 included 335,390 fewer average outstanding shares of common stock.
"We are pleased with third quarter results after such a strong performance in the second quarter," said Gary Votapka, Mission Oaks president and chief executive. "Loan quality is good, assets and deposits are growing as the bank continues to benefit from a strong local economy."
In the first nine months of 2004, Mission Oaks earned $1,014,000, or 53 cents a share, an increase of 36.8 percent from earnings of $741,000, or 48 cents a share, reported in the same period a year ago.
Nine-month earnings for 2004 nearly matched the earnings for all of 2003. Pre-tax results in the first three quarters of 2004 reached $1,660,000, nearly double the $897,000 reported for the same period a year ago. Results from 2003 included 374,177 fewer average outstanding shares of common stock.
Assets at quarter's end reached a record $107.8 million, up $27.2 million, or 33.7 percent, from a year ago.
Net loans increased $17.5 million, or 31.1 percent, to a record $73.7 million. Total deposits increased by $20.6 million, or 28.8 percent, to a record $92.1 million.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. Mission Oaks plans to open a third branch in the Ontario/Rancho Cucamonga area next year.
The bank was designated a Super Premier Performing Bank for 2003 by Findley Reports, a leading California banking industry analyst and consulting firm.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: Friday July 9, 2004 11:00 am ET |
| Mission Oaks Reports Record $404,000 Earnings in Second Quarter |
TEMECULA, Calif., July 9, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTC BB:MKNB.OB - News) reported record earnings of $404,000, or 21 cents a share, in the second quarter ended June 30.
That was up 46.4 percent from $276,000, or 18 cents a share, the Temecula-based community bank earned in the same period a year ago. Results from the second quarter of 2003 included 393,250 fewer average outstanding shares of common stock and $101,000 in tax credits resulting from a net operating loss carry forward.
Earnings before taxes in the quarter were $666,000, up 122.7 percent from $299,000 from the same period a year earlier.
Annualized return on average assets (ROA), a ratio of profit to assets, reached 1.65 percent in the second quarter. Annualized return on average shareholders' equity (ROE), a ratio of profit to equity, reached nearly 16 percent.
More than 400 similarly sized U.S. banks reported an average ROA and ROE of 1.01 percent and 9.93 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of March 31, 2004.
"Our strong financial performance in the quarter can be attributed to a strong volume of SBA related and commercial real estate mortgage business," said Gary Votapka, Mission Oaks president and chief executive. "Better than expected results in the first six months of 2004 should set the stage for a strong second half of the year and allow us to build for the future."
Other key financial highlights in the 2004 quarter compared to the same 2003 quarter include:
Total assets increased $25 million, or 33.4 percent, to a record $100 million.
Net loans increased $16.4 million, or 32.1 percent, to a record $67.4 million.
Total deposits increased by $17.8 million, or 26.5 percent, to an all-time high of $84.6 million.
Interest income increased $332,000, or 32.8 percent, to $1.3 million. Non-interest income from the sale of loans, fees and mortgage originations grew $279,000, or 61.6 percent, to $732,000.
For the six months ended June 30, Mission Oaks earned a record $690,000, or 36 cents a share, compared with earnings of $502,000, or 33 cents a share, in the same period a year ago. Results from a year ago were based on 392,803 fewer outstanding shares of common stock.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. Mission Oaks plans to open a third branch in the Ontario/Rancho Cucamonga area early next year.
The bank was recently named a Super Premier Performing Bank for 2003 by Findley Reports, a leading California banking industry analyst and consulting firm.
Super Premier is the highest rating a bank can receive from Findley. It is based on growth, income, loan quality and return on equity among other criteria. Mission Oaks was the youngest of six banks headquartered in Riverside County to receive the designation from Findley Reports. For more on Mission Oaks National Bank visit its Web site at missionoaksbank.com. |
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| Release Date: July 08, 2004 |
| Mission Oaks Best Medium-Sized Business in Southwest Riverside County |
Mission Oaks National Bank made it unanimous. The Temecula-based community bank was named best medium-sized business of the year by the Murrieta Chamber of Commerce.
Earlier this year Mission Oaks received the same honor from the Temecula Valley Chamber of Commerce. Collectively the two organizations represent the interests of more than 2,000 members in the Temecula Valley.
"What they have done has been noticed in both cities," said Rex Oliver, president of the Murrieta Chamber of Commerce. "I think they are doing a good job."
The award was handed out during the chamber's annual installation and awards dinner at Pechanga Resort & Casino. Approximately 375 people attended the event
Mission Oaks, which opened its doors in late 2000, was selected from a field of five nominees by a panel of judges that included Chamber members and directors, previous year's winners and Murrieta city staff.
"We were honored to receive the award," said Gary Votapka, Mission Oaks president and chief executive. "And it was especially gratifying with so many quality nominees."
In February, Mission Oaks was named Gold Business of the Year by the Temecula Valley Chamber of Commerce.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of approximately $100 million that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. Mission Oaks plans to open a third branch in the Ontario/Rancho Cucamonga area early next year.
For more on Mission Oaks National Bank visit its Web site at "www.missionoaksbank.com." |
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| Release Date: Friday April 30, 2004 11:00 am ET |
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Mission Oaks Named Super Premier Performing Bank |
TEMECULA, Calif., April 30, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTC BB:MKNB.OB - News) was named a Super Premier Performing Bank for 2003 by Findley Reports, a leading California banking industry analyst and consulting firm.
Super Premier is the highest rating a bank can receive from Findley. It is based on growth, income, loan quality and return on equity among other criteria. Mission Oaks was the youngest of six banks headquartered in Riverside County to receive the designation from Findley Reports.
"We are honored to receive the rating," said Gary Votapka, Mission Oaks president and chief executive. "It is especially gratifying to achieve the honor after only our third full year of operation."
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank that is committed to serving consumers and businesses in Southwest California, a fast-growing region one hour north of San Diego. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. For more on Mission Oaks National Bank visit its Web site at missionoaksbank.com. |
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| Release Date: July 15, 2005 |
| Mission Oaks Shareholders Approve Bank Holding Company |
TEMECULA, Calif.—More than two-thirds of the shareholders of Mission Oaks National Bank (OTC BB: MKNB.OB) have approved a proposal to create Mission Oaks Bancorp, a bank holding company.
Stockholders of the Temecula-based community bank also approved the election of 11 directors and a revised stock option plan at an annual shareholders meeting.
Once the bank holding company is approved by regulators, Mission Oaks would become the wholly owned subsidiary of Mission Oaks Bancorp.
The bank holding company structure makes it easier for the firm to raise additional capital, repurchase its own stock, borrow money, acquire other banks and non-bank entities and issue stock.
"After we receive regulatory approval, Mission Oaks will let shareholders know when the merger will occur," said Gary Votapka, Mission Oaks president and chief executive. "The merger of the bank holding company and the bank also will trigger a 2-for-1 stock split."
Following the split, Mission Oaks shareholders will be eligible to receive two shares of the new bank holding company for each Mission Oaks National Bank share they currently own. For example, a shareholder with 1,000 Mission Oaks National Bank shares prior to the split would receive 2,000 shares in the new bank holding company.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of more than $130 million that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego County and Phoenix. Mission Oaks plans to open a third branch in Ontario next month.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: Thursday April 15, 2004 4:06 pm ET |
| Mission Oaks National Bank Reports Record First Quarter Results |
TEMECULA, Calif., April 15, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTC BB:MKNB.OB - News) reported record results for the quarter ended March 31, 2004.
The Temecula-based community bank earned a record $286,000, or 15 cents a share, in the first quarter. That compares with earnings of $225,000, or 15 cents a share, for the same period a year ago. Results from the first quarter of 2003 included 392,353 fewer average shares of common stock and equivalents outstanding and $35,000 in tax credits resulting from a net operating loss carry forward.
Share amounts in the first quarter were adjusted to reflect the bank's recently completed 2-for-1 stock split that was distributed to shareholders in the form of a 100 percent stock dividend. Following the split, Mission Oaks has 1.9 million common shares outstanding.
"We continue to benefit from strong loan demand and a robust local economy," said Gary Votapka, Mission Oaks president and chief executive.
"Consumers also seem to prefer our personalized, hands-on approach to banking."
Mission Oaks, which was founded in the fall of 2000, also reported record asset and loan levels.
Assets at quarter's end reached a record $95.7 million, up 37.3 percent from $69.7 million a year ago.
Loans in the quarter increased to an all-time high of $71.6 million, up 53.1 percent from $46.7 million in the same period a year earlier. Mission Oaks has no delinquent or non-performing loans.
Growth in lending boosted net interest income to $1.1 million in the quarter, up 50.2 percent, or $353,000, from $703,000 a year ago. Non-interest income from the sale of loans, fees and mortgage originations increased to $587,000, up from $335,000 a year ago.
Total deposits as of March 31 were $84.9 million compared with $62.2 million a year ago.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank that is committed to serving consumers and businesses in Southwest California, a fast-growing region one hour north of San Diego. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. For more on Mission Oaks National Bank visit its Web site at missionoaksbank.com. |
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| Release Date: January 21, 2004 |
| Mission Oaks National Bank Reports Record Results for 2003 |
TEMECULA, Calif., Jan. 21, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTC BB:MKNB.OB - News) finished 2003 on a strong note by posting record results.
The Temecula-based community bank earned a record $1.03 million, or $1.25 a share, for the year ended Dec. 31. That was a 204 percent increase from the profit of $337,000, or 44 cents a share, the bank posted a year ago. 2003 results included a tax credit of $214,000 and 2002 results included a tax credit of 224,000 arising from a net operating loss carryforward.
Mission Oaks, which is entering its fourth year, benefited from strong loan and deposit growth.
"The Bank continues to attract good, healthy business,'' said Gary Votapka, president and chief executive. "We have no non-performing assets on our books.''
For the year, net interest income reached $3.3 million, up 63.6 percent, or $1.3 million , from $2.03 million a year ago.
The Bank also benefited from increased non-interest income from the sale of loans, fees and mortgage originations. Non-interest income for the year was $2.02 million, up nearly three-fold from the $740,000 posted a year ago. A strong housing market and the lowest interest rates in four decades helped boost Mission Oaks' mortgage lending operation.
Assets at year-end were $92.7 million, up 58.6 percent from $58.4 million a year ago. Total deposits reached $75.1 million compared with $51.1 million a year ago.
Loans at year-end were $66.5 million, up 51.3 percent from $44 million 12 months earlier.
Mission Oaks finished the year with a return on average assets (ROA) of 1.37 percent and return on average equity (ROE) of 13.28 percent. Nearly 500 similarly sized U.S. banks reported an average ROA and ROE of 0.98 percent and 9.65 percent, respectively, according to Federal Deposit Insurance Corp. data for the period ended Sept. 30, 2003.
In the fourth quarter, Mission Oaks earned $285,000, or 31 cents a share. A year ago the bank had a profit of $280,000, or 37 cents a share, but results included a tax credit of $224,000. Exercises of warrants issued to shareholders in the initial public offering by the Bank in the quarter increased the number of shares outstanding from 763,471 a year ago to 959,641.
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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