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Private Bank of California makes USD58,000 net loss in Q3

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The Private Bank of California made a net loss of USD58,000 or USD.02 per basic share available to common shareholders for the quarter ended 30 September 2009 due to the impact of adjustments and declared dividends related to the preferred stock issued to the US Department of Treasury in February 2009.

The bank received a USD5.4m preferred stock investment from the Treasury’s Capital Purchase Program which was designed to improve the flow of credit to consumers and businesses, promote recovery of the US economy and restore confidence in the US financial system by injecting capital into healthy financial institutions.

The bank’s net loss available to common shareholders for the nine months ended 30 September 2009 is USD353,000 or USD.10 per basic share compared to the USD26,000 or USD.01 per basic share net loss available to common shareholders for the nine months ended 30 September 2008.

The bank’s net income was USD67,000 for the quarter ended 30 September 2009, compared to the net income of USD82,000 for the same period in 2008 and the net loss of USD196,000 for the prior quarter ended June 2009.

Chairman and interim chief executive Steven D. Broidy and president Richard A. Smith said: "We are very pleased with our results for this quarter. We achieved strong growth in core deposits and total assets, growth in loans and maintained our well capitalised, liquid balance sheet. Our operating results for this quarter generated a profit while we maintained our allowance for credit losses at 2.02 per cent of outstanding loans which we believe was prudent in these challenging economic times."

The bank’s total shareholders’ equity was USD41m and its capital ratios continue to significantly exceed all regulatory guidelines for "well-capitalized" financial institutions at 30 September 2009.

Total assets were USD294m at 30 September 2009, an increase of USD52m or 21 per cent from USD242m at 30 September 2008 and an increase of USD33m or 13 per cent from USD261m at 30 June 2009.

Total loans were USD182m at 30 September 2009, an increase of USD18m or 11 per cent from USD164m at 30 September 2008 and USD5m or three per cent from USD177m at 30 June 2009.

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