LA JOLLA, Calif., March 24 /PRNewswire-FirstCall/ -- ITLA Capital Corporation announced that its wholly-owned bank subsidiary, Imperial Capital Bank (ICB), has entered into a correspondent banking relationship with Well Fargo Bank (Wells). Under the terms of the agreement, Wells will provide ICB with third party account services which will allow ICB business customers to access Wells branches and ATM locations for deposit making purposes.
Deputy Managing Director and Director of Banking Services, Charles Kohl stated that: "We are pleased to have third party depository services through Wells Fargo Bank for our business customers. With over 12,000 Wells locations in 23 states our western states customers will have easy and convenient access to branch and ATM locations in order to make deposits."
ICB has commenced marketing the service to customers on March 1, 2006. This is the initial phase of its strategy to enhance its deposit product and service offerings to the expanded customer base created by the national expansion of its real estate lending platform.
President and Chief Executive Officer, George W. Haligowski concluded: "Correspondent banking relationships allow our bank to leverage its existing branch network with that of other financial institutions with larger branch networks, and further compliments our strategy to become more relationship oriented through cross selling deposit products and services."
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, changes in economic conditions in the Company's market areas, changes in policies by regulatory agencies, the impact of competitive loan products, loan demand risks, the quality or composition of the loan or investment portfolios, increased costs from pursuing the national expansion of our small balance multi-family lending platform and operational challenges inherent in implementing this expansion strategy, fluctuations in interest rates, and changes in the relative differences between short- and long-term interest rates, levels of non-performing assets and other loans of concern, and operating results, the economic impact of terrorist actions and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. These risks could cause the Company's actual results for 2006 and beyond to differ materially from those expressed in any forward looking statements by, or on behalf of, the Company.
ITLA Capital Corporation is the largest financial services company headquartered in San Diego, California, and conducts its operations through Imperial Capital Bank and Imperial Capital Real Estate Investment Trust. Imperial Capital Bank has seven retail branch locations and 27 loan production offices serving the Western United States, the Southeast, the Mid Atlantic states, the Ohio Valley, the Metro New York area and New England.
For further information, please contact Timothy M. Doyle, Executive Managing Director and Chief Financial Officer of ITLA Capital Corporation, (858) 551-0511.
