Attached files
| file | filename |
|---|---|
| 8-K - Santa Lucia Bancorp | v206680_8k.htm |
| EX-10.1 - Santa Lucia Bancorp | ex10-1.htm |
December
29, 2010
NEWS
RELEASE
FOR
IMMEDIATE RELEASE
|
Contacts:
|
John
C. Hansen
|
(805)
466-7087
|
|
President
and Chief Executive Officer
|
||
|
Margaret
A. Torres
|
(805)
466-7087
|
|
|
Executive
Vice President and Chief Financial Officer
|
||
|
Santa
Lucia Bancorp
|
(805)
466-7087
|
|
|
www.santaluciabank.com
|
||
COMPANY
ANNOUNCES ENTRY INTO WRITTEN AGREEMENT WITH FEDERAL
RESERVE
BANK OF SAN FRANCISCO
SANTA
LUCIA BANCORP (ATASCADERO, CALIFORNIA) (OTC Bulletin Board: SLBA.OB) today
announced that it, and its wholly owned subsidiary Santa Lucia Bank (the
“Bank”), entered into a Written Agreement with the Federal Reserve Bank of San
Francisco (the “FRBSF”). As previously disclosed, the Written
Agreement was the result of a recent examination of the Bank and the Company by
the FRBSF that resulted in certain criticisms of the Bank, particularly related
to the overall quality of the Bank’s loan portfolio. The Written
Agreement, among other things, requires that the Bank and Company take certain
steps to strengthen management, lending practices, asset quality and
capital.
According
to John C. Hansen, President and Chief Executive Officer, “Many of the
requirements of the Written Agreement reflect recommendations or requirements
from the examination that the Bank has been working on since the date of the
examination.” Mr. Hansen went on to say, “Subsequent to the examination and in
order to enhance the Bank’s ability to remedy many of the noted criticisms, the
Bank made several changes in the executive structure to include a
newly appointed Chief Credit Officer (CCO) and Chief Financial Officer. In
addition, Stanley R. Cherry, Director and former President and CEO has rejoined
the Bank as SVP - credit administration and will be working closely
with the CCO to manage the day-to-day credit functions.” The
Company and Bank will continue their efforts to comply with all provisions of
the Written Agreement, and believe they are taking the appropriate steps
necessary to comply in a timely fashion. The Bank expects to continue
to serve its customers in all areas including making loans, establishing lines
of credit, accepting deposits and processing banking
transactions. Further detail on the Written Agreement is included in
the Company’s Current Report on Form 8-K filed with the Securities Exchange
Commission on December 29, 2010.
THE
COMPANY AND ITS BUSINESS STRATEGY:
Santa
Lucia Bancorp, headquartered in Atascadero, California is a California
Corporation organized in 2006 to act as the holding company for Santa Lucia
Bank. Santa Lucia Bank has operated in the State of California since
August 5, 1985.
The Bank
engages in the commercial banking business principally in San Luis Obispo and
northern Santa Barbara Counties from its banking offices located at 7480 El
Camino Real, Atascadero, California, 1240 Spring Street, Paso Robles,
California, 1530 East Grand Avenue, Arroyo Grande, California and 1825 South
Broadway, Santa Maria, California.
The
Company, through its subsidiary, Santa Lucia Bank, emphasizes personalized
quality customer service to small and medium sized businesses in its
markets. The main focus after 25 years of operation is to provide a
consistent return to shareholders, quality personalized service to our customers
and a challenging and rewarding environment for our employees. These
guiding principals will continue to serve the company well in both the short
term and long term.
Statements
concerning future performance, developments or events, expectations for growth
and income forecasts, and any other guidance on future periods, constitute
forward-looking statements that are subject to a number of risks and
uncertainties. Actual results may differ materially from stated
expectations. Specific factors include, but are not limited to, the
current financial crisis and recession in United States and foreign financial
markets and the response of government and bank regulators thereto, the
Company’s and Bank’s ability to successfully comply with the Written Agreement
entered into with the Federal Reserve Bank of San Francisco, increased
profitability, continued growth, the Bank’s beliefs as to the adequacy of its
existing and anticipated allowances for loan losses, beliefs and expectations
regarding actions that may be taken by regulatory authorities having oversight
over the Company’s or Bank’s operations, interest rates and financial policies
of the United States government, general economic conditions and California’s
energy crisis. Additional information on these and other factors that
could affect financial results are included in the Company’s Securities and
Exchange Commission filings.
When
used in this release, the words or phrases such as “will likely result in”,
“management expects that”, “will continue”, “is anticipated”, “estimate”,
“projected”, or similar expressions are intended to identify “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995 (PSLRA). Readers should not place undue reliance on the
forward-looking statements, which reflect management’s view only as of the date
hereof. Santa Lucia Bancorp undertakes no obligation to publicly revise
these forward-looking statements to reflect subsequent events or
circumstances. This statement is included for the express purpose of
protecting Santa Lucia Bancorp under PSLRA’s safe harbor
provisions.