LA JOLLA, CA -- (Marketwired) -- 08/19/13 -- After successfully launching an SBA Division in 2012, San Diego Private Bank (OTCQB: SDPB) has been awarded Preferred Lender Program (PLP) status by the SBA. PLP status allows SDPB delegated loan authority to approve loans on behalf of the SBA thereby accelerating loan funding. The Small Business Administration guarantees a portion of bank loans made to qualified borrowers for up to $5 million at attractive rates and on attractive terms in order to add jobs and stimulate economic growth.
Michael T. Valenti, Senior Vice President and SBA Division Manager, commented, "From the outset, we structured the SBA division for excellence in client servicing, underwriting and processing, with the intention of building a leading SBA organization. Attaining PLP status will only enhance our service commitment to our customers." Valenti joined the bank in April 2012 to start the SBA Division. There are now seven experienced SBA bankers in the Division with over 120 years of cumulative SBA banking experience.
Brian J. McClendon, Senior Vice President and SBA Division Sales Manager, commented, "Because the bank has been awarded prestigious PLP status, we now have the ability to take customer service to the next level by quickly approving and closing SBA loan requests." McClendon joined the bank in January 2012 also to start the SBA Division.
The bank's SBA division has been recently branded as "Private Business Capital, a division of San Diego Private Bank", as they lend in markets outside San Diego County. As of June 30, 2013, the bank is ranked fourth in SBA's San Diego District Region in terms of bank SBA loan production for 2013.
San Diego Private Bank is publicly traded on the Over-the-Counter Bulletin Board, ticker symbol: "SDPB".
This press release may include forward-looking statements that involve inherent risks and uncertainties. San Diego Private Bank cautions readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. These factors include economic conditions and competition in the geographic and business areas in which San Diego Private Bank operates, inflation, fluctuations in interest rates, legislation and government regulation. You should not place undue reliance on forward-looking statements and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise.
For more information contact:
Maria P. Kunac
President and Chief Executive Officer
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