TEMECULA, Calif.--(BUSINESS
WIRE)--Mission Oaks National Bank has joined a select group of banks
in California that received top marks from regulators for meeting the
credit needs of the community it serves.
Among other things,
the top grade means Mission Oaks is doing an outstanding job of meeting
the credit needs of the community, including low and moderate-level
income customers. It also measures how well it redistributes deposits
back into the community in the form of loans.
Fewer than one in
five banks get this rating and Mission Oaks is one of only three banks
from Inland Southern California to achieve this rating in the past 3-1/2
years.
"This 'outstanding'
rating is further validation from yet another independent source that
Mission Oaks is an outstanding community bank in all respects,"
said Gary Votapka, Mission Oaks president and chief executive. "We
have received a number of different accolades over the years but recognition
for doing an outstanding job of helping our community is particularly
sweet."
The Community Reinvestment
Act (CRA) requires federal regulators assess how well each financial
institution meets the credit needs of all segments of the community.
After an exam, institutions are given a rating of outstanding, satisfactory,
needs to improve, or substantial noncompliance.
Mission Oaks' contributions
to the community go far beyond regulator ratings and the bank doors.
Each year its employees volunteer and serve on countless community and
social organizations and the bank donates thousands of dollars to support
community-based organizations and non-profits ranging from chambers
of commerce to little league teams.
"We are truly
the local hometown bank," said Keith Johnson, executive vice president.
"Mission Oaks National Bank understands the unique needs of this
community we call home, after all - it's our home, too."
Mission Oaks National
Bank is a wholly owned subsidiary of Mission Oaks Bancorp, a one-bank
holding company. It is a federally chartered bank with assets of more
than $200 million that is committed to serving consumers and businesses
in Southern California. The bank offers personalized services and products
through three full-service branch offices in Temecula and Ontario and
loan production offices in San Diego and Phoenix.
Mission Oaks Bancorp
common stock is traded over the counter under the stock symbol MOKB.OB.
Safe Harbor
Certain statements
in this press release, including statements regarding the anticipated
development and 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 and national economy, the Bank's performance,
regulatory matters and those discussed in filings by the Bank with the
Office of the Comptroller of the Currency.
