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July 2009
Dear Plaza Bank Customers,
I am pleased to introduce myself and to send you this first letter as the new president of Plaza Bank. I have many new and exciting things to tell you about your bank. Hopefully, you’ve already had the opportunity to see some of the positive changes that have been made over the past few months. Many additional changes have now been made and I would like to provide you with this update.
Major Investment
The recent Federal Reserve Bank’ approval of the acquisition of $18 million of common stock and warrants by our new holding company, PB Holdings, Inc., allows Plaza to remain on its path of continued growth. The $18 million capital infusion by PB Holdings will dramatically extend the product offerings and services we provide you. We envision an ongoing and accelerated growth rate, which will also increase the Bank’s value over time.
Leadership Team
Along with new funding capabilities, the Bank has appointed several new members to its Executive Management Team and Board of Directors, of which I am one. Plaza Bank’s new strategic plan enticed me out of recent retirement to resume a 30-year banking career about which I am still enthusiastic. My last position prior to “retiring” was ten years of service as an Executive Vice President for the Retail and Community Banking Division of Sanwa Bank California where I managed a $3.5 billion banking division.
Our new leadership team is comprised of highly respected industry leaders known for their expertise, professional integrity and familiarity with the local business community. Terry Robinson is the Bank’s new CEO. He recently completed a successful 20-year career as CEO of the Vintage Bank and North Bay Bancorp. Plaza’s new board members are Terry Robinson and myself, Charles Kenny, former CEO of The Private Bank of California in Century City, Thomas Rogers, a veteran Orange County banker former Irvine Company treasurer and former Executive Vice President and Regional Manager of City National Bank, and James Jones, a Managing Member of Irvine based Carpenter Fund Manager, LLC, the general partner of the Carpenter Community BancFunds that own 100% of PB Holdings.
Small Business Lending
A major addition to the Bank is our new, fully staffed and functioning Small Business lending unit which focuses on Small Business Administration (SBA) lending.
The unit is headed by banking veteran Robert Forsythe. He previously served as Chief Operating Officer of the Small Business Finance Unit of Lehman Brothers Bank where he supervised a staff of 400 that originated and was responsible for more than $5.0 billion in credits to small businesses.
The SBA recently designated Plaza a member of its Preferred Lending Program (PLP), the agency’s premier accreditation. This status allows Plaza to substantially streamline the procedures necessary for financial support to businesses like yours, small and medium-sized companies and entrepreneurs across Orange County.
Business Banking Services
With our new resources and extensive personal experience in the small business sector, Plaza is exceptionally positioned to expand our services and products that support the success of your business.
Our featured banking products are designed to meet the immediate and ongoing needs of our busy local customers. These include SWEEP accounts, automated clearing house services and remote online deposits. Plaza continues to offer deposit rates that are among the most competitive in Orange County.
A Look Ahead – What Customers Can Expect
We are all operating in an unprecedented business environment. But it is also a dynamic time for community banking. Plaza Bank is deeply committed to Orange County’s business community and to maximizing the many opportunities ahead.
We are optimistic about the future. With the PB Holdings investment, the Bank has a very strong capital position and is secure. Our customers should also feel confident knowing that each depositor has up to $250,000 in deposit insurance on interest bearing accounts and unlimited coverage on non-interest bearing accounts from the FDIC.
Certainly, the lending environment has become tighter for many banks. In the area of speculative real estate and construction/land loans, Plaza is being more selective about adding these segments to our portfolio.
However, in commercial lending, we are actively funding and our increased capital base will allow us to expand in this sector. In fact, we have just added a new senior officer to assist in growing this segment.
With so many changes occurring, it is natural to wonder how these changes will affect your own interests and needs. Plaza customers can expect stability, reliability and an unwavering commitment to serving you.
On behalf of all of us at Plaza Bank, we invite your feedback. We will continue sharing news as we work with you to be the bank of choice for Orange County’s business community. Feel free to contact me.
Best regards,
H.E. (Gene) Galloway
President, Plaza Bank