SoCal Business Bank, N.A. Receives Conditional Approval for New National Commercial Bank
SOURCE:
SoCal Business Bank, N.A. (in organization)
2008-07-28 17:02:00
SoCal Business Bank, N.A. Receives Conditional Approval for New National Commercial Bank
SoCal Business Bank, N.A. Receives Conditional Approval for New National Commercial Bank
Headquartered in Van Nuys and Targeted to Open This Fall, the Bank Offers Exciting Opportunity for Valley Investors
SAN FERNANDO VALLEY, CA–(EMWNews – July 28, 2008) – SoCal Business Bank, N.A. (in
organization) (SCBB) is pleased to announce it is one of a select few
national commercial banks to receive conditional approval from the
Comptroller of the Currency this year to establish a new bank. SCBB also
received conditional approval from the Federal Deposit Insurance
Corporation (FDIC), meaning that federal regulators will insure the bank
and its depositors’ money. It is now working to raise the capital to fund
the bank’s formation and opening of its headquarters in the heart of the
San Fernando Valley, which is currently on target for Fall 2008.
SCBB is being organized by a group of 24 local banking executives and
business people with strong ties to the communities in which they work and
live. In addition, these organizers have assembled a highly experienced
management team to direct the bank’s efforts to provide a unique and
personalized banking experience combined with a full range of services,
customized and tailored to fit the exact needs of its clients.
This executive team consists of President and Chief Executive Officer
Charles E. Fenton, who has more than 30 years of banking experience in the
Los Angeles area; Director and Chief Financial Officer Thomas V. McArdle,
who brings another 30 years of banking experience with 16 of those at the
senior management level; and Chief Credit Officer Robert Scott, who has
served in the commercial banking business for nearly 40 years.
“Our conditional approval shows that we’ve been able to assemble an
experienced management team that has the right credentials,” says Charles
E. Fenton. “We’ve all been bankers in the Los Angeles area for a long time
so we have the experience and knowledge that the regulators feel strongly
positions us for success even in these turbulent economic times.”
Thomas V. McArdle agrees: “This conditional approval really speaks to the
strength of our organizing group. That, combined with the talent pool of
management we have assembled — all leaders in their respective specialized
areas — makes us a first-class operation.”
The organizing founders are now inviting investors from throughout the San
Fernando Valley to consider investing in this local enterprise. SCBB is
offering for sale a minimum of 1,900,000 and a maximum of 2,200,000 shares
of common stock at a price of $10.00 per share. To participate in the
offering, investors must subscribe for a minimum of 1,000 shares, or
$10,000.00. This offering is scheduled to end on September 30, 2008, but
may be shortened or extended depending on how quickly SCBB reaches its
goal.
“Historically, small community banks have done well for initial investors
over time and I believe that trend will continue with SoCal Business Bank,”
says Fenton. That’s partly because the industry is so well regulated by the
government that any risk is greatly reduced. Additionally, the San Fernando
Valley and surrounding Los Angeles communities are dynamic, growing
economies and continue to offer a tremendous amount of business
opportunity. “We’ll offer a community business bank in the heart of the
Valley that is accessible to a broad range of clients and provides
customized solutions and real relationships. We have the very best people
and experience to do it,” Fenton says.
About SoCal Business Bank, N.A.
SoCal Business Bank, N.A. (SCBB) is a national commercial bank in
organization. It will be a locally owned, full service, independent bank
headquartered in Van Nuys, California, and will serve businesses throughout
the San Fernando Valley, including Van Nuys, Sherman Oaks, North Hollywood,
Valley Village, Studio City and Burbank. For more information, please visit
the SCBB Web site at www.socalbusinessbank.com, or call the bank’s
organizing offices at (818) 982-0798 or (818) 982-0794.
Media Contacts
Christina Jorgensen Lauren Anderson |
|
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89
Get Unlimited Organic Website Traffic to your Website
TheNFG.com now offers Organic Lead Generation & Traffic Solutions