PHOENIX, Feb. 1, 2006 (PRIMEZONE)
-- Mission Oaks National Bank was named the top Small Business Administration
(504) lender in Arizona by the Business Development Financing Corp.,
a certified development company.
Mission Oaks National Bank,
the principal subsidiary of Temecula, Calif.-based Mission Oaks Bancorp
(OTCBB:MOKB), originated 15 SBA guaranteed (504) loans from its Phoenix-area
office valued at $38.7 million during 2005.
"Congratulations to
our people for a remarkable year," said Gary Votapka, Mission Oaks
president and chief executive. "Mission Oaks' preferred lending
status has allowed us to offer SBA guaranteed loans faster and with
better terms in the western United States."
Mission Oaks was the top
SBA real estate lender (504) in the Arizona district. It was followed
by Bank of America, Chase, Wells Fargo and National Bank, according
to the Business Development Financing Corp.
Steve Johnston, senior vice
president and manager of Mission Oaks' Phoenix office, was named the
top individual SBA lender by the Business Development Financing Corp.
"The award recognizes
Mission Oaks for its leadership role in the SBA's 504 lending program,"
said Gary Molenda, president of the Business Development Financing Corp,
which has offices in Phoenix and Tucson. "We appreciate their relationship
and hard work."
A certified development company
is a non-profit corporation that works with the SBA and private lenders
to provide real estate financing to small businesses. There are about
270 CDCs nationwide.
Mission Oaks began making
SBA real estate (504) loans shortly after opening its doors in November
2000. In 2001 it formally established an SBA loan department and began
offering SBA-guaranteed 7(a) loans to small businesses.
Last year the San Francisco,
Fresno and Sacramento district offices of the SBA expanded Mission Oaks'
PLP status to include all of California.
The bank has PLP authority
in Arizona and Nevada as well.
The Preferred Lending status,
the highest lending designation granted by the SBA, lets Mission Oaks
document and originate SBA 7(a) guaranteed loans and shorten the time
it takes to get a loan approved and funded.
Mission Oaks National Bank
is a federally chartered community bank that is committed to serving
consumers and businesses throughout the western United States. 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.
