At the completion of the conversion, expected in the first quarter of 2016, all deposits in the Glendale office will be serviced out the Bank’s Rancho Bernardo office.
Seacoast Commerce Bank President and CEO, Richard M. Sanborn commented: "Opening a Los Angeles county branch was an important part of our strategic process a few years back, and it continues to serve us well.
However; as technology and client service requirements continue to evolve, we have determined that we could service our specific client base without a brick-and-mortar office in Los Angeles. Converting our Glendale branch back to a stand-alone LPO will result in efficiencies for the bank while not losing service standards or the loan production momentum we have built in our Los Angeles market."
About Seacoast Commerce Bank: Seacoast Commerce Bank is headquartered in San Diego, California, with full-service banking branches in San Diego, Chula Vista, and Glendale, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Portland, Oregon; Las Vegas and Reno, Nevada; Houston and Dallas, Texas; and Bellevue, Washington.
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank’s business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance and regulatory matters.
