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| Release Date: October 13, 2005 |
TEMECULA, Calif., October 13, 2005 -- Mission Oaks Bancorp (OTC BB: MOKB) reported record earnings in the third quarter ended Sept. 30, 2005 after posting strong deposit and asset growth.
Mission Oaks Bancorp, whose principal subsidiary is Temecula-based Mission Oaks National Bank, said it earned a record $548,000, or 14 cents a share, in the third quarter up from the $324,000, or 8 cents a share, posted in the same quarter a year ago. Per share amounts were adjusted to account for a two-for-one stock split that was effective Sept. 1, 2005.
"It was a remarkable quarter in many respects," said Gary Votapka, Mission Oaks Bancorp president and chief executive. "Earnings reached an historic high despite the costs associated with opening our third full-service branch in Ontario."
During the third quarter, Mission Oaks National Bank became a wholly owned subsidiary of Mission Oaks Bancorp as part of a merger that was approved by shareholders and regulators.
The bank holding company structure makes it easier for Mission Oaks to raise additional capital, repurchase its own stock, borrow money, acquire other banks and non-bank entities and issue stock.
In the first nine months of 2005, Mission Oaks earned $1.4 million, or 35 cents a share, compared with $1 million, or 26 cents a share, in the same period a year ago.
Interest income in the quarter reached $2.2 million, up from $1.4 million in the same quarter a year earlier. Non-interest income reached $599,000, up 18.8 percent from $504,000 a year ago.
Assets in the 12-month period ended Sept. 30 2005, grew 32.3 percent, or nearly $35 million, to a record $142.7 million.
Net loans increased more than $15 million, or 20.6 percent, to a record $88.9 million. Total deposits increased by $32.5 million, or 35.4 percent, to a record $124.6 million.
Annualized return on average assets (ROA), a ratio of profit to assets, reached 1.51 percent, up from 1.25 percent a year ago. Annualized return on average shareholders’ equity (ROE), a ratio of profit to equity, was 17.10 percent for the three months ended Sept. 30, 2005, up from 12.2 percent a year earlier.
More than 330 similarly sized U.S. banks reported an average ROA and ROE of 1.35 percent and 13.90 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of June 30, 2005.
Mission Oaks National Bank is a federally chartered community bank that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through three full-service branch offices in Temecula and Ontario and loan production offices in San Diego and Phoenix. |
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| Release Date: September 7, 2005 |
| Mission Oaks Opens Third Branch in Heart of Inland Empire |
ONTARIO, Calif. – Sept. 7, 2005 -- Mission Oaks National Bank announced it has opened a full-service branch near Ontario Mills mall in the heart of Ontario’s business district.
Located near the 10 Freeway and North Milliken Avenue, Ontario Business Center is Mission Oaks’ third branch and the first outside the Temecula Valley. The bank’s two other branches are located in Temecula.
The branch, which occupies a 5,500-square-foot office at 800 N. Ferrari Lane in the Ferrari Corporate Center, ultimately will include a staff of 10 professional bankers offering a full-range of banking services and products including working capital, lines of credit, term real estate and construction financing.
The Ontario Business Center is open from 9 a.m. to 5 p.m. Monday through Thursday and from 9 a.m. to 6 p.m. on Friday.
"We are excited about bringing our highly personalized style of banking to the heart of the Inland Empire," said Keith Johnson, Mission Oaks executive vice president. "More importantly, we look forward to serving the region’s business community and helping it grow."
The Ontario Business Center will be headed by Michael Pate, a senior vice president and seasoned commercial lender with years of experience helping businesses in the Interstate 10 and 15 freeway corridors to grow and prosper. The Rialto resident also is active in community and civic affairs.
Mission Oaks National Bank is a wholly owned subsidiary of Mission Oaks Bancorp, a one-bank holding company created in August. Mission Oaks is a federally chartered bank with assets of nearly $150 million that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through three full-service branch offices and loan production offices in San Diego and Phoenix.
Mission Oaks Bancorp common stock is traded over the counter under the stock symbol MOKB.OB.
Mission Oaks National Bank recently was ranked among the most profitable community banks in California according to two separate surveys. Findley Reports, an Anaheim-based banking industry consulting firm, reported that Temecula-based Mission Oaks at the end of 2004 was the second most profitable bank in California among the 48 institutions that have opened their doors since 2000. In a WedBush Morgan Securities report on community banks across the United States, Mission Oaks ranked 12th among 136 California community banks with a return on assets of 1.39 percent.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: September 6, 2005 |
| SBA Expands Mission Oaks Preferred Lending Status |
Mission Oaks National Bank (OTC: MKNB.OB) announced that the U.S. Small Business Administration has expanded its Preferred Lending status to include Nevada.
This spring the San Francisco, Fresno and Sacramento district offices of the SBA expanded the Temecula-based community bank’s PLP status to include all of California.
"The expanded designation means we can now offer more business customers in the Western United States SBA guaranteed loans with favorable terms and quicker processing," said Hector Hernandez, senior vice president and manager of the bank’s SBA department. "Mission Oaks also has PLP authority in Arizona as well."
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.
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 2004, Mission Oaks was the nation’s 85th busiest SBA lender with 32 loans valued at about $23.7 million, according to Coleman Publishing, a La Canada-based firm that tracks government lending programs. In 2003, Mission Oaks made 30 SBA loans worth $12.7 million.
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 and Phoenix. Mission Oaks plans to open a third branch in Ontario this month.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: September 1, 2005 |
| Mission Oaks National Bank Becomes Subsdiary of Mission Oaks Bancorp |
TEMECULA, Calif.— Mission Oaks National Bank (OTC BB: MKNB.OB) has announced the creation of Mission Oaks Bancorp, a bank holding company that will give the Temecula-based community bank additional financial flexibility.
Effective September 1, Mission Oaks National Bank will become a wholly owned subsidiary of Mission Oaks Bancorp as part of a merger that was approved by shareholders and regulators.
"The bank holding company structure makes it easier for Mission Oaks to raise additional capital, repurchase its own stock, borrow money, acquire other banks and non-bank entities and issue stock," said Gary Votapka, Mission Oaks Bancorp president and chief executive.
The merger of the bank holding company and the bank also triggered a 2-for-1 stock split.
Following the split, Mission Oaks shareholders will 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.
For shareholders whose stock is held in brokerage accounts, the conversion will be done automatically. Shareholders who hold certificates of Mission Oaks stock, will receive a letter of transmittal instructing them how to exchange their shares of Mission Oaks National Bank for Mission Oaks Bancorp shares.
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 this month.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: August 2, 2005 |
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Mission Oaks Among Most Profitable Community Banks |
TEMECULA, Calif. -- Mission Oaks National Bank (OTC BB: MKNB.OB) was ranked among the most profitable community banks in California according to two separate surveys.
Findley Reports, an Anaheim-based banking industry consulting firm, reported that Temecula-based Mission Oaks at the end of 2004 was the second most profitable bank in California among the 48 institutions that have opened their doors since 2000. With 2004 earnings of $1.6 million, Mission Oaks was second only to Interbusiness Bank in the City of Industry, which reported a profit of $2 million last year.
In a WedBush Morgan Securities report on community banks across the United States, Mission Oaks ranked 12th among 136 California community banks with a return on assets of 1.39 percent. Wedbush makes a market in Mission Oaks common stock.
"We are pleased to be included in the company of such well-run banks," said Gary Votapka, Mission Oaks president and chief executive. "To a large degree, the rankings reflect the hard work of our experienced staff and the dynamic markets we serve."
Mission Oaks posted record results in 2004. The bank earned $1.6 million, or 83 cents, a share, up 56.1 percent from $1 million a year ago. Assets in the 12-month period ended Dec. 31, 2004, grew 24.8 percent, or nearly $23 million, to $115.9 million.
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 and Phoenix. Mission Oaks plans to open a third branch in Ontario this month.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: July 25, 2005 |
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Net Interest Income Up 44.9 Percent at Mission Oaks National Bank |
TEMECULA, Calif., July 25, 2005 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) reported that increased loan activity pushed net interest income in the second quarter to a record $1.6 million, a 44.9 percent increase from the same period a year ago.
At the same time, the Temecula-based community bank said startup costs associated with a new Regional Business Banking Center in Ontario increased other expenses in the quarter to $1.4 million, up 27.9 percent. The branch, the bank’s third, is scheduled to open in August.
During the quarter, Mission Oaks reported earnings of $410,000, or 21 cents a share, up slightly from the $404,000, or 21 cents a share, posted in the same quarter a year earlier. The most recent quarter included 26,635 more average common shares outstanding.
"Second quarter results show that our business plan and strategy are on track even as we make a significant investment in our branch network," said Gary Votapka, Mission Oaks president and chief executive. "We look forward to the rest of 2005."
In the first half of 2005, Mission Oaks earned $830,000, or 43 cents a share, compared with $690,000, or 36 cents a share, in the same period a year ago.
Other key financial highlights in the quarter include:
-- Total assets increased $33.5 million, or 33.5 percent, to a record $133.5 million.
-- Net loans increased $19.5 million, or 28.9 percent, to a record $86.9 million.
-- Total deposits increased by $31.1 million, or 36.7 percent, to an all-time high of $115.7.
-- Interest income increased $652,000, or 48.5 percent, to $2 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 Ontario in August.
For more on Mission Oaks National Bank visit its Web site at www.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: May 16, 2005 |
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SBA Expands Mission Oaks Preferred Lending Status |
Mission Oaks National Bank (OTC: MKNB.OB) announced that the U.S. Small Business Administration has expanded its Preferred Lending status to include San Francisco, Fresno and Sacramento District Offices of the SBA.
"This means Mission Oaks now has PLP status for all of California and a good part of the Southwestern United States," said Hector Hernandez, senior vice president and manager of the bank’s SBA department. "We are pleased with the designation and our continued success meeting the needs of small business customers."
The Temecula-based community bank has PLP authority in Arizona as well.
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 2004, Mission Oaks was the nation’s 85th busiest SBA lender with 32 loans valued at about $23.7 million, according to Coleman Publishing, a La Canada-based firm that tracks government lending programs. In 2003, Mission Oaks made 30 SBA loans worth $12.7 million.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of more than $120 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 in the summer of 2005.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: April 25, 2005 |
| Mission Oaks National Bank Announces Second 2:1 Stock Split |
TEMECULA, Calif., (PRIMEZONE) - April 25, 2005 - Mission Oaks National Bank (OTCBB:MKNB) will ask its shareholders to approve a two-for-one split of its common stock at the same time they vote on plans to create a bank holding company.
The stock split and proposal to establish a bank holding company were approved by the bank’s board of directors. Shareholders will have an opportunity to vote on both measures at Mission Oaks’ annual shareholders meeting, which will be held July 14.
The stock split requires the approval of two-thirds of Mission Oaks’ approximately 425 shareholders. Shareholders of record as of August 1, 2005, would be eligible to receive the stock split.
"Mission Oaks just announced record earnings in the first quarter of 2005," said Robert Knogge, Chairman. "The stock split enhances shareholder value by doubling the number of outstanding shares and improving their availability."
Mission Oaks had previously declared a two-for-one stock split in April 2004.
Once shareholders approve the split and bank holding company, Mission Oaks shareholders would receive two shares of the new bank holding company -- most likely to be named Mission Oaks Bancorp -- 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.
after the split and approval of the bank holding company.
Following the approval, Mission Oaks would become the wholly owned subsidiary of the new holding company. The board of directors believes that the new corporate structure will provide additional growth opportunities and greater financial flexibility for Mission Oaks.
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.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of more than $120 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 this summer.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: Monday, April 18, 2005 |
| Mission Oaks Earnings Increase 46.5 Percent |
TEMECULA, Calif., April 18, 2005 (PRIMEZONE) -- Mission Oaks National Bank (OTC BB:MKNB.OB - News) reported Monday that strong loan and deposit growth contributed to record results in the first quarter of 2005.
For the three months ended March 31, the Temecula-based community bank earned a record $419,000, or 22 cents a share, up 46.5 percent from the $286,000, or 15 cents a share, reported in the same period a year ago.
"Mission Oaks continues to benefit from a vibrant local economy and an emphasis on personalized service and local decision making," said Gary Votapka, Mission Oaks president and chief executive. "We’ve been particularly pleased with how well business customers have embraced Mission Oaks products and services."
Interest income in the quarter reached $1.8 million, up from $1.3 million in the same quarter a year earlier. Non-interest income reached $657,000, up 11.9 percent from $587,000 a year ago.
Assets in the 12-month period ended March 31, 2005, grew 26.9 percent, or nearly $25 million, to a record $121.5 million.
Net loans increased nearly $18 million, or 25.4 percent, to a record $88.7 million. Mission Oaks had no non-performing loans on the books. Total deposits increased by $19.7 million, or 23.2 percent, to a record $104.6 million.
Annualized return on average assets (ROA), a ratio of profit to assets, reached 1.42 percent, up from 1.25 percent a year ago. Annualized return on average shareholders’ equity (ROE), a ratio of profit to equity, was 14.53 percent, up from 11.68 percent a year earlier.
More than 360 similarly sized U.S. banks reported an average ROA and ROE of 1.19 percent and 12.47 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of December 31, 2004.
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 Ontario this summer. |
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| Release Date: April 12, 2005 |
| Mission Oaks Seeks to Form Holding Company |
TEMECULA, Calif.-- Mission Oaks National Bank (OTC BB:MKNB.OB) today announced that its board of directors has approved a plan to establish a bank holding company.
Following shareholder and regulatory approval, Mission Oaks would become the wholly owned subsidiary of a new holding company, most likely to be named Mission Oaks Bancorp. The board of directors believes that the new corporate structure will provide additional growth opportunities and greater financial flexibility for Mission Oaks.
Mission Oaks directors will seek shareholder approval of the plan to form a bank holding company at its annual shareholders meeting to be held this summer.
"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," said Robert Knogge, Mission Oaks chairman. "All our current directors potentially would serve in a similar capacity in the new structure."
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of more than $120 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 this summer.
For more on Mission Oaks National Bank visit its Web site at missionoaksbank.com |
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| Release Date: March 8, 2005 |
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Mission Oaks Again Named Super Premier Performing Bank |
TEMECULA, Calif. -- Mission Oaks National Bank (OTC BB:MKNB.OB) was named a Super Premier Performing Bank for 2004 by Findley Reports, a 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. Last year, Mission Oaks was the youngest of six banks headquartered in Riverside County to receive the designation from Findley Reports.
"Once again we are honored to receive the rating," said Gary Votapka, Mission Oaks president and chief executive. "The recognition and performance reflect our employees hard work, our successful business strategy and our commitment to the communities we serve."
Mission Oaks posted record results in 2004. The bank earned $1.6 million, or 83 cents, a share, up 56.1 percent from $1 million a year ago. Assets in the 12-month period ended Dec. 31, 2004, grew 24.8 percent, or nearly $23 million, to $115.9 million.
Annualized return on average assets (ROA), a ratio of profit to assets, reached 1.54 percent in 2004. Annualized return on average shareholders’ equity (ROE), a ratio of profit to equity, reached 15.37 percent.
More than 350 similarly sized U.S. banks reported an average ROA and ROE of 1.19 percent and 12.57 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of September 30, 2004.
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 Ontario this summer.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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| Release Date: January 11, 2005 |
| Mission Oaks Earnings Increase 56.1% |
TEMECULA, Calif. (PRIMEZONE) -- Mission Oaks National Bank (OTC BB:MKNB.OB - News) posted record results in the fourth quarter of 2004 that boosted earnings for the year ended Dec. 31 to $1.6 million, an increase of 56.1 percent from a year ago.
In the fourth quarter, the Temecula-based community bank earned a record $589,000, or 31 cents a share, up 106.7 percent from the $285,000, or 15 cents a share, reported in the same period a year ago. Results from the fourth quarter of 2003 included 85,055 fewer average outstanding shares of common stock.
"In the quarter, Mission Oaks benefited from strong growth in interest and non-interest income," said Gary Votapka, Mission Oaks president and chief executive. "With no non-performing loans on the books, we look forward to 2005."
Interest income in the quarter reached $1.7 million, up from $1.2 million in the same quarter a year earlier. Non-interest income from the sale of loans, fees and mortgage originations grew 38.2 percent from a year ago to $958,000.
For all of 2004, Mission Oaks earned $1.6 million, or 83 cents, a share, up 56.1 percent from $1 million a year ago.
Assets in the 12-month period ended Dec. 31, 2004, grew 24.8 percent, or nearly $23 million, to $115.9 million.
Net loans increased $16.3 million, or 24.8 percent, to a record $82 million. Total deposits increased by $21 million, or 27.9 percent, to a record $96.1 million.
Annualized return on average assets (ROA), a ratio of profit to assets, reached 1.54 percent in 2004. Annualized return on average shareholders’ equity (ROE), a ratio of profit to equity, reached 15.37 percent.
More than 350 similarly sized U.S. banks reported an average ROA and ROE of 1.19 percent and 12.57 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of September 30, 2004.
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 in 2005.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com. |
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