SUN VALLEY, Calif., Aug. 22 /PRNewswire-FirstCall/ -- Mission Valley Bancorp (BULLETIN BOARD: MVLY) President & CEO Tamara Gurney announced second quarter earnings for Mission Valley Bank (sole subsidiary of Mission Valley Bancorp) of $666,000 (after provision for income taxes), up $67 thousand, or 11%, from the same period in 2006. Total deposits increased more than 13% to $152 million from the $134 million reported for quarter ending June 30, 2006 and net loans grew more than 35% to $162 million over the $120 million reported for the same period last year. Total assets surpassed the $200 million mark during the quarter, reaching almost $202 million by quarter end, representing an increase of more than 26% from June 2006.
Gurney -- recently honored by the San Fernando Valley Business Journal (SFVBJ) as one of the Top 25 Bankers in the San Fernando Valley, continued, "Having surpassed the $200 million benchmark in assets is a positive indicator for the continued growth of our bank. We remain focused on providing unmatched levels of customer service to every client while building our infrastructure to facilitate sustained success." Gurney concluded, "I am pleased with our steady financial performance, particularly in light of the on-going challenges all banks face in today's operating environment."
In July Mission Valley Bank relocated the majority of its "back-office" operations and loan servicing division to a new 6,000 + square foot, state-of the-art facility just a block from its Sun Valley head quarter location providing ample room for growth of these integral support departments. Additionally, the Bank's new Centre Pointe Branch is nearing completion and is slated to open in October of 2007.
Mission Valley Bank is a full-service, independent, commercial bank specializing in serving small and middle market businesses in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a true commitment to service.
http://www.missionvalleybank.com/ Forward-looking statements: Certain matters discussed in this news release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information.
