The markets took another dive this morning on fears of a global recession. Despite the saturation of negative news, some financial institutions are weathering the storm with organic growth and continuous solid loan service.
California United Bank (OTCBB: CUNB) today announced positive third-quarter results for 2008, a continuance of previous positive financials reflecting the company’s consistent growth, profitability and loan quality. The company posted earnings at $2.51 million, or 50 cents per diluted share, as compared to $2.64 million for the same period last year.
“We would be satisfied with these results in any economy,” David I. Rainer, president and CEO of California United Bank stated in the press release. “However, given the recent economic turbulence we are very pleased with our ability to continually grow organically while maintaining a quality loan portfolio. We are particularly pleased by the growth in core deposit customer relationships.”
The company also posted a 44 percent increase in total assets to $352.8 million from $108.9 million for the same period in 2007. Net income grew 119.4 percent to $136,000.
California United Bank also reported continued growth of core deposit business relationship accounts; and a 33.5 percent increase in total loans for the quarter ended September 30, 2008.
“In the midst of historical levels of instability in the banking industry, California United Bank continues to offer its clients capital well in excess of regulatory requirements to be ‘well capitalized’, while maintaining profitability, and FDIC insurance to the maximum allowed by law,” stated Rainer. “We were pleased to be rated ‘outstanding’ by Bauer Financial a bank rating service, providing additional comfort to our clients and prospective clients. We believe our strength and stability offer a secure haven for customers in these uncertain times.”
About QualityStocks:
QualityStocks’ Small Cap Stock Newsletter is a free service that collects data from hundreds of Small-Cap online Investment Newsletters into one free Daily Newsletter Report.
Sign up for “The QualityStocks Daily Newsletter” please visit www.QualityStocks.net
The Quality Stocks Daily Stock Report http://video.qualitystocks.net
The Quality Stocks Daily Blog http://blog.qualitystocks.net
The Quality Stocks “Ones to Watch” http://Gotstocks.QualityStocks.net
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment