San Diego Trust Bank Reports First Quarter Results
Stock Climbs 120% During First 90 Days of Trading
SAN DIEGO - San Diego Trust Bank (OTCBB: SDBK) reported results for its first full quarter of operations since opening late last year. As of March 31, 2004 the Bank reported total assets of $27.2 million, total deposits of $16.8 million and total loans outstanding of $11.3 million. The company also reported a net loss of $415 thousand for the quarter, substantially less than the projected loss of $473 thousand.
"We are very pleased with the results thus far and are excited to report that we are ahead of plan on all fronts at such an early stage in our development," commented Larry Willette, Chairman of the Board.
San Diego Trust Bank commenced operations on October 30, 2003 at the newly renovated Fifth Avenue Financial Center, otherwise known as the "Mr. A's" building, following one of the most successful capital campaigns of any community bank in San Diego history. More than $21 million of common stock was sold at $10.00 per share, although the Bank was only able to accept $12 million in capital per the terms of the offering memorandum. The Bank's stock was listed on the Over-the-Counter Bulletin Board on January 23, 2004 and since that time, the price has steadily advanced, closing at $22.00 per share as of April 16, 2004, for a gain of 120 percent.
"The entire team remains focused on our original strategic plan and is executing brilliantly," stated Michael Perry, President & CEO. "While proud of our first quarter results, we realize that there is much work ahead of us as we move forward in our efforts to create the finest bank in San Diego County and maximize the value of our shareholder's investment" he further added.
Founded by several of San Diego's most respected banking veterans and business leaders, San Diego Trust Bank is dedicated to the timeless principles of superior local market knowledge, unparalleled service, and building exceptional shareholder value. With over three hundred years of experience in banking San Diegans, timely local decision making, and one of the most comprehensive product lines found in the market today, San Diego Trust Bank delivers "Performance You Can Trust."
For more information on the Bank please visit www.sandiegotrust.com or call (619) 525-1700.
San Diego Trust Bank
Certain statements in this press release, including statements regarding the anticipated expansion of the Bank's business, and the intent, belief, or current expectations of the Bank, its directors or its officers are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with various regulatory agencies.