/EIN News/ — LA JOLLA, Calif., Aug. 23, 2018 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX:PBAM) announced today that its wholly owned subsidiary CalPrivate Bank, “Bank”, has established two separate Small Business Lending channels, utilizing the Small Business Administration’s full suite of products.
“We are fortunate to have had the opportunity to put together such a veteran group of professionals to grow our SBA business,” Thomas V. Wornham, President & CEO of PBAM said. “Our SBA Team includes the addition of 14 new hires this year. This includes Managers, Producers, Underwriters and Processers. The relationship banking channel is headed up by Rob Pedersen, SVP and SBA Division Head and our Private Business Capital is headed up by Steve Pollett, SVP, and Division Manager.” Wornham, who also serves as CEO of the Bank, noted “our enhanced SBA Team has exceeded our expectations for new loan production of 7a and 504 loans in the first quarter with us, and we look forward to continued success.” CalPrivate remains a SBA Preferred Lender using its CalPrivate Bank branch network and the Bank’s Private Business Capital Division will primarily service our broker and financial partner network.
Rick Sowers, President of the Bank, said, “These additions are another example of our ability to expand our geographic reach and add great people to our already outstanding team. SBA is an area where we had the infrastructure and support ready to scale. Adding the right people in the right markets has allowed us to accelerate that process. We continue to make other strategic hires in our Southern California Coastal footprint as they become available.”
The expanded SBA Team offices in San Diego, San Marcos, Newport, Temecula and Riverside. Access to the Bank’s SBA products are available through the website calprivate.bank or by visiting any of the six locations.
About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQX: PBAM), is the holding company for CalPrivate Bank. CalPrivate 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. Customers are serviced through offices in Coronado, San Diego, La Jolla, Newport Beach and Beverly Hills 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. CalPrivate Bank is a SBA Preferred Lender and a Bauer Financial 5 star rated bank, as well as being in the Top 200 safest Banks as rated by Deposits.com.
Investor Relations Contact
Thomas V. Wornham
Safe Harbor Paragraph
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.
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