Total Assets Increase 47% over Prior Year
United American Bank (OTCBB: UABK), reported total assets of $378.1 million at March 31, 2009 as compared to $257.2 million at March 31, 2008. The increase in total assets represents growth of $120.9 million, or 47.0 percent over the same date a year ago. Total assets have increased by $81.8 million, or 27.6 percent during the first quarter of 2009 from the fourth quarter of 2008.
“We are pleased with the growth of total assets in our office network in the midst of the current economic slowdown,” noted John Schrup, President and Chief Executive Officer of United American Bank. “We continue to attract deposits in our communities, and with the stock offering we completed in the second quarter of 2008, and our participation in the Capital Purchase Program, we have the liquidity and the capital to be able to lend to our customers.”
The Bank reported total loans outstanding at March 31, 2009 of $274.5 million, as compared to $211.3 million reported at the end of the first quarter of the prior year. Loans outstanding represent an increase of $63.2 million or 29.9 percent compared to loans outstanding as of March 31, 2008.
The Bank reported total deposits of $320.4 million as of March 31, 2009, compared to total deposits of $226.5 million and $251.5 million at March 31, 2008, and December 31, 2008, respectively. The increase in deposits represents growth of $93.9 million, or 41.4 percent relative to the March 31, 2008.
The Bank reported a net loss for the first quarter of $70,000 as compared to net income of $133,000 for the first quarter of the prior year. Mr. Schrup commented, “Our earnings have been impacted by the dramatic and rapid decline in the interest rate environment, however we believe our balance sheet to be solid and that our earnings will improve once a stable economy returns.”
About United American Bank
United American Bank is San Mateo County’s newest full-service commercial bank. The bank is dedicated to providing quality banking and financial services to businesses, professionals and individuals who prefer a high level of personalized client service and management. For more information, visit United American Bank on the web at www.UnitedAmericanBank.com or call 650-579-1500.
Safe Harbor
Certain matters discussed in this press release constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the bank’s current expectations regarding future operating results and the growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, or performance to differ materially from those expressed, suggested or implied by the forward looking statements.
These risks and uncertainties include, but are not limited to: (1) the impact on the bank’s performance from changes in interest rates, local and national economic conditions, and the number of financial services providers, (2) the banks ability to continue the current rate of growth, (3) the banks ability to increase net interest income (4) the quality of the loan portfolio and (5) changes in government regulations.
Contacts:
United American Bank
John C Schrup, President and CEO, 650-579-1502
jschrup@unitedamericanbank.com
Gerald
Brown, EVP & CFO, 650-579-1560
gbrown@unitedamericanbank.com