Pacific Coast National Bancorp announces record growth
Last updated 8/10/2007 at Noon
SAN CLEMENTE — Pacific Coast National Bancorp (OTCBB: PCST) (the “Company”) has announces record asset and loan growth for the quarter ending June 30.
Total assets of $72 million at June 30 represented a 29-percent increase from year-end assets of $56 million at December 31, 2006. Net loans grew by 76 percent to $60 million, compared to $34 million, primarily reflecting growth in the construction and commercial portfolios. Additionally, there were no delinquent or past due loans as of June 30.
Total deposits, fueled by strong growth in non-interest checking and money market accounts, increased by 42 percent to $57 million at June 30, compared to $40 million at December 31, 2006. Due to strong loan demand, the Company utilized brokered deposits for the first time, totaling $6 million. Shareholders equity of $14.6 million at June 30 was also reported.
“I am very proud of what we have accomplished as a young financial institution,” stated Michael S. Hahn, president of Pacific Coast National Bancorp and Pacific Coast National Bank. “This strong growth is amply supported by the infrastructure that we have built over the last two years. This infrastructure, combined with our experienced staff, allows us to attract quality, profitable clients.
“Pursuing a strategy of building core banking relationships will result in consistent and sustainable earnings, which creates shareholder value.”