From the Wires
San Diego Private Bank Awarded Preferred Lender Status by SBA
By: Marketwired .
Nov. 9, 2012 06:22 PM
LA JOLLA, CA -- (Marketwire) -- 11/09/12 -- After successfully launching an SBA Division earlier this year, San Diego Private Bank has been awarded Preferred Lender Program (PLP) status by the SBA. The Small Business Administration guarantees a portion of bank loans made to qualified borrowers for up to $5 million at attractive rates and on attractive terms in order to add jobs and stimulate economic growth. PLP status allows SDPB delegated authority to guarantee loans on behalf of the SBA thereby accelerating loan funding.
Michael T. Valenti, Senior Vice President-SBA Division Manager, commented: "From the outset, we structured the SBA division for excellence in client servicing, underwriting and processing, with the intention of building a leading SBA organization."
Valenti and Brian J. McClendon, Senior Vice President and SBA Division Sales Manager, joined SDPB in April 2012 to start the SBA Division. There are now nine experienced SBA bankers in the Division with over 150 years of cumulative SBA banking experience.
McClendon has big plans for expanding SBA loan activities. He indicated that "The division will be branded as 'Private Business Capital, a division of San Diego Private Bank,' as we operate in markets outside San Diego County." Currently SDPB is ranked eighth in the county in SBA loan production for 2012 and has begun operating in Orange County.
San Diego Private Bank is having a good year. Besides growth and profitability from the SBA division, its private banking business continues to thrive by providing clients with customized loan and deposit services. SDPB also embarked on a more extensive commercial lending program this year, providing competitive and customized commercial real estate loans, business working capital loans and other business loans based on superior client service and quick response. "Loans are at record levels and our Texas Ratio of 3% ranked SDPB in the top tier of California banks," said Joel Ewan, Chief Credit officer, highlighting the quality of the bank's assets.
Overall SDPB staff has grown by over 60% this year and the bank has increased productivity and client service through the implementation of a number of new systems and leading edge technology.
San Diego Private Bank is a client centric bank providing superior customized financial solutions and unparalleled service through access to experienced Private Bankers 24/7. While San Diego Private Bank operates a full-service office in La Jolla, California and a loan production office in San Marcos, California, it is the convenience of bankers meeting clients at their homes and businesses to conduct transactions that results in truly long-term respectful and appreciative banker-client relationships. Confidentiality, creativity and convenience are cornerstones of a Distinctly Different service model.
This press release may include forward-looking statements that involve inherent risks and uncertainties. San Diego Private Bank 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 San Diego Private Bank operates, inflation, fluctuations in interest rates, legislation and government 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.
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