LA JOLLA, Calif., Jan. 26, 2017 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQB:PBAM) (“Bancorp”), parent company of San Diego Private Bank (“Bank”), proudly announced today the formation of Los Angeles Private Bank, a division of San Diego Private Bank. The branch, expected to open by mid-year in Beverly Hills, is subject to regulatory approval and finalization of lease and other arrangements. The office will provide customized financial solutions to high net worth individuals, professional firms and businesses of all sizes.
Richard A. Smith, recently appointed Director of San Diego Private Bank and long-time Los Angeles private banking executive, said, “West Los Angeles is one of the premier Private Banking centers in the country. The team that has been assembled is steeped in exceptional customer service and creative financial solutions. The support provided by San Diego Private Bank is amazing with impressive loan turnaround time and state-of the-art treasury management systems, mobile banking and processing systems.”
Thomas V. Wornham, President and CEO of Bancorp and the Bank indicated that “The expansion of our unique franchise in West LA is consistent with our focus on Coastal Southern California markets, where clients appreciate complex and creative funding solutions and value an exceptional personal service experience. We are very fortunate to have the opportunity to partner with Richard Smith and his team of seasoned financial professionals.”
San Diego Private Bank operates in highly attractive, affluent, diversified, and growing Southern California markets. Its divisions in San Diego and Coronado Private Bank, Newport Private Bank and Private Business Credit offer a Distinctly Different market leading service culture through dedicated, experienced bankers and cutting edge technology.
“Our ability to creatively customize solutions for clients with complex borrowing, deposit and lifestyle needs is unsurpassed,” said Wornham. “Our discerning clientele of real estate investors, developers, closely held businesses, professionals, High Net Worth individuals and others, demand and receive exceptional service.”
San Diego Private Bank has an enviable safety and soundness status with very strong capital ratios, outstanding credit record and solid regulatory ratings. San Diego Private Bank has received a 5-Star rating for 32 consecutive quarters by BauerFinancial, the premier independent bank rating and research firm in the nation and is considered one of the strongest banking institutions in the country.
About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQB:PBAM), is the holding company for San Diego Private Bank. San Diego Private Bank, provides a Distinctly Different banking experience through unparalleled service and creative funding solutions to high net worth individuals, professionals, locally owned businesses and real estate entrepreneurs; serviced through offices in Coronado, San Diego, La Jolla and Newport Beach as well as efficient electronic banking offerings. The Bank also offers various portfolio and government guaranteed lending programs, including SBA and cross-border Export-Import Bank programs. San Diego Private Bank is a SBA Preferred Lender.
Investor Relations Contact
Thomas V. Wornham
President/CEO
Private Bancorp of America, Inc. and San Diego Private Bank
(858) 875.6900
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This press release may include forward-looking statements that involve inherent risks and uncertainties. Private Bancorp of America, Inc. cautions readers that a number of important factors could cause actual results to differ materially from those in the forward‐looking statements. These factors include economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, our ability to successfully integrate the operations of merged banks, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward‐looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.