LOS ANGELES--(BUSINESS WIRE)--
Manufacturers Bank (the Bank), a California commercial bank with total
assets of over $2.3 billion, is a wholly owned subsidiary of Sumitomo
Mitsui Banking Corporation (SMBC), which in turn is a wholly owned
subsidiary of Sumitomo Mitsui Financial Group (SMFG). The Bank reported
net income for the six months ended June 30, 2014 of $6.1 million
compared to $3.5 million for the same period in 2013. Increased earning
assets, gain on sale of other assets and a reduction in non-interest
expense resulted in favorable year over year earnings performance.
Manufacturers Bank Brea Grand Opening August 8, 2014 (Photo: Business Wire)
The Bank continued to maintain its strategic focus on loan growth in
2014. As of June 30, 2014, total loans were $1.64 billion, a $72.4
million or 4.6% increase over year end 2013 total loans of $1.57
billion. Commercial and Industrial loans totaled $968.1 million at June
30, 2014, an increase of $59.8 million over year end 2013, and represent
59.0% of the overall gross loan portfolio. Real Estate loans totaled
$648.6 million at June 30, 2014, an increase of $12.7 million over year
end 2013, and represent 39.5% of the overall loan portfolio.
Credit quality remained sound through the first six months of 2014.
Credit quality is reflected in the percentage of non-accrual loans to
total loans at 0.13% as of June 30, 2014. The allowance for credit loss
ratio remains satisfactory at 1.54% as of June 30, 2014.
Capital remained strong as evidenced by Tier 1 and Total risk-based
capital ratios of 14.83% and 16.08%, respectively; both ratios exceed
the minimum requirements of a well-capitalized institution of 6% and
Message from Naresh Sheth, President & COO
Naresh Sheth, President and Chief Operating Officer, commented, "Despite
the extreme lending competition ongoing in the marketplace, I am
appreciative of the Bank’s continued loan growth. Our loyal,
hard-working staff has continued to meet the challenge head on.
Accompanying the strong earning assets is the Bank’s exceptional credit
quality. Our Bank maintains strong capital and a solid customer base.
"We are all pleased with the Bank’s strategic infrastructure progress
"We sincerely thank our customers for giving us an opportunity to serve
them for over 50 years and our staff for their dedication and valued
Grand Opening of our Brea Financial Center
On August 8, 2014, the bank celebrated the grand opening of a 15,000
square foot financial center located in Brea, California. The Brea
Financial Center contains a full service branch which commenced business
on July 14, 2014. This new branch location will serve the needs of our
faithful City of Industry customers while cultivating the Bank’s brand
in this vibrant Southern California marketplace.
Brett Murdoch, Mayor, City of Brea presented a special proclamation
welcoming the bank to the local community at the special ceremony
coordinated by the Brea Chamber of Commerce with dozens of local area
dignitaries and business owners in attendance.
"We are proud that Manufacturers Bank has selected Brea as the location
of their new southern California regional headquarters," said Mayor
Brett Murdoch. "They will be a committed partner in helping our
community become stronger and we thank them for their local investments
of jobs and community support."
"We are very excited to open our new financial center in Brea. Our goal
is to earn your business and to meet your banking needs," said Naresh
Sheth, President and Chief Operating Officer, Manufacturers Bank
Manufacturers Bank featured two non-profit organizations at their Grand
Opening ceremony. This will help expand programs at the Brea VFW post
8574, which is the city’s leading veterans service organization in the
fight to better lives of all those who have worn the uniform of the
United States. The Bank will also highlight the Brea Olinda Life Skills
and Best Buddies program. This program is a special education high
school program that is designed to meet the academic needs of students
with moderate to severe cognitive disabilities including: autism, down
syndrome and intellectual disability.
To make a donation to one of these organizations, please contact:
Kathie Ramos at firstname.lastname@example.org.
Manufacturers Bank has been operating mainly in Southern California,
consistently delivering tailored financial solutions that enhance the
economic well-being of its middle market customers. Bauer Financial
Inc., an independent bank rating company, has awarded its highest
depository rating, Superior 5 Star, to Manufacturers Bank.
Manufacturers Bank is headquartered in Los Angeles and operates from
branch offices in Downtown Los Angeles, Little Tokyo, Beverly Hills,
Encino, Warner Center, Glendale, San Jose, Torrance, Newport Beach and
Member FDIC and SBA Preferred National Lender
All statements in this release, except for historical facts, should
be considered forward looking, including statements about the Bank’s
plans, goals, and future expectations for growth. Such statements are
subject to changes in the economic, legal and regulatory environment,
changes in product delivery and technology that may affect the Bank’s
operations and continued evolution in the financial services industry.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140826005044/en/
Cindy Rude, SVP, Marketing
Abajian, EVP, Chief Financial Officer
Source: Manufacturers Bank