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Dec. 22, 2011 /PRNewswire/ --
Pacific Continental Bank, the bank subsidiary of Pacific Continental Corporation (Nasdaq: PCBK), today announced that it recently funded a
$5 million SBA-guaranteed loan. The
$5 million dollar loan is the highest-dollar loan guaranteed and approved by the U.S. Small Business Administration (SBA) in the
Portland District since the beginning of the SBA's 2012 fiscal year, which began
October 1. For the past several years, Pacific Continental has consistently ranked as one of the top-producing SBA lenders in the Pacific Northwest region.
Hal Brown, Pacific Continental's chief executive officer, commented, "As a long-time national preferred SBA lender, the fact that we funded the loan is not out-of-the-ordinary. What makes this particular loan special is the fact that due to recent changes in the SBA's regulatory borrowing limits, the borrower was able to finance a larger-than-normal amount." Brown added, "For community banks like Pacific Continental, it doesn't get much better than this; after all, financing the growth of local companies is exactly what we're chartered to do."
Larry Trujillo, director of lender relations at the Portland Small Business Administration office, said, "The
$5 million 7(a) loan made by Pacific Continental is the largest SBA 7(a) loan authorized under the recent (Recovery Act) regulation changes and is over a million dollars higher than any former approvals in the
About Pacific Continental Bank
Pacific Continental Bank, the operating subsidiary of Pacific Continental Corporation, delivers highly personalized services through 14 banking offices in
Washington. The Bank also operates a loan production office in
Tacoma, Washington. With
$1.3 billion in assets, Pacific Continental has established one of the most unique and attractive metropolitan branch networks in the Northwest with offices in three of the region's largest markets including
Eugene. Pacific Continental targets the banking needs of community-based businesses, health care professionals, professional service providers and nonprofit organizations.
Since its founding in 1972, Pacific Continental Bank has been honored with numerous awards and recognitions from highly regarded third-party organizations including The
Seattle Times, the Portland Business Journal and Oregon Business magazine. A complete list of the company's awards and recognitions – as well as supplementary information about Pacific Continental Bank – can be found online at
www.therightbank.com. Pacific Continental Corporation's shares, a component of the Russell 2000 Index, are listed on the Nasdaq Global Select Market under the symbol "PCBK."
SOURCE Pacific Continental Corporation