San Diego Trust Bank Opens
Initial Public Offering Oversubscribed by More than 200 Percent
SAN DIEGO - San Diego Trust Bank officially opened its doors this morning, according to Michael Perry, the bank's president and CEO. The opening was delayed several days due to the devastating fires that ravaged San Diego County.
" We were, and always will be, concerned about the health and well-being of every member of our team," said Perry. "Fortunately, everyone is okay. We are now turning our attention to our 'extended family' in helping the residents of this county rebuild their lives and businesses."
Following one of the most successful capital campaigns for any community bank in San Diego history, San Diego Trust Bank commenced operations in the newly renovated Fifth Avenue Financial Center, known as the "Mr.A's" building, located at 2550 Fifth Avenue.
In less than 45 days, management and the board of directors raised more than $20 million, representing twice the amount of initial capital they had originally sought.
" We were simply overwhelmed by the community's response to our offering and the excitement surrounding the bank," said Larry Willette, chairman of the board. "We attempted to accommodate as many of our loyal investors as possible, but were still forced to return almost $9 million when it was all over."
San Diego Trust Bank accepted $12 million in capital versus $10 million, as originally delineated in its business plan.
The bank offers a full array of financial services including comprehensive loan and deposit products, state-of-the-art online banking services and access to a nationwide ATM network. Also unique to the Bank, is its exclusive agreement with First American Trust Corporation to provide trust and investment advisory services to its clients.
" While the bank offers one of the most complete and technologically advanced product lines in the market today, it's the people and the manner in which they deliver those products that differentiate us from the competition," said Brian Gowland, vice chairman of the board of directors.
For more information on San Diego Trust Bank visit www.sandiegotrust.com or call (619) 525-1700.