As previously announced, the Bank completed an offering in February, 2014 raising $10.3 million in new capital. An additional $1.8 million was raised in January of this year. The proceeds from these offerings not only strengthened the Bank’s capital position but were used to generate a significant amount of growth in new business in its existing markets, increase business lending, expand its presence in surrounding markets and open the Glendale branch. With this new capital and deposit growth, the Bank has ample liquidity for further growth for the rest of this year and 2016.
Tom Byington, President and Chief Executive Officer, commented, "We are looking forward to the opening of our Glendale office and the new clients and business that we will attract from our new location. I want to emphasize again that we are very much committed to our two existing regional offices in Upland and Brea where we just completed a successful deposit campaign. Over the last 18 months, our regulatory standing has improved significantly and I am very optimistic about our future prospects. Our balance sheet strength coupled with increasing quality loan demand from a sustained improvement in economic conditions in our markets will result in continued balance sheet growth and accomplish sustained profitability."
From February of last year to the end of August this year, the Bank’s total assets have grown from $85.8 million to $116.4 million, with gross loans growing from $54.9 million to $88.2 million. At the same time, total deposits are now at $97.0 million compared to $71.9 million. For full financial information, please refer to the Bank’s most recent Call Report filed with the FDIC at www.fdic.gov.
"We are pleased about our progress to date. We are also excited about the future of Golden State Bank and our continued contributions to the economic growth and prosperity of our customers and the communities we serve," says Robert Setrakian, Chairman of the Board. "We are very close to accomplishing getting to monthly, recurring and sustainable profitability. Our team has done a tremendous job in getting us to accomplish our goals, and the results are being reflected by the support that we are getting from all of our stakeholders, including our investors, depositors, loan clients, regulators and the communities that we serve."
