AltaPacific Bancorp (OTC Bulletin Board: ABNK), the parent company of AltaPacific Bank, announces that the Bank has been approved for the U.S. Small Business Administration (SBA) Preferred Lenders Program, which is the top designation approved by the SBA.
The Preferred Lenders Program (PLP) status provides high-volume SBA lenders, such as AltaPacific Bank, with the ability to simplify and expedite the SBA loan approval process. Lenders are carefully selected for the PLP status, which is based on SBA lending performance, volume and a thorough understanding of SBA policies and procedures.
“We are very pleased to achieve the PLP designation,” stated Charles O. Hall, President and Chief Executive Officer. “The PLP designation expands our lending abilities, increases our response time and provides overall greater efficiency for our customers’ loan requests.”
The Bank’s SBA Department is lead by Alden Macabales, who serves as the Senior Vice President and SBA Manager. Alden has more than 25 years of commercial lending experience and is among the most highly regarded SBA lenders in California. Mr. Macabales may be contacted at Amacabales@apbconnect.com.About AltaPacific Bancorp and AltaPacific Bank: AltaPacific Bancorp is the parent company for AltaPacific Bank. The Company’s stock trades over the counter under the symbol ABNK. AltaPacific Bank is an independent business bank headquartered in Santa Rosa, California and has offices in Santa Rosa, Rancho Cucamonga and Covina, California. The bank is focused on meeting the specialized needs of small to medium-sized businesses and professionals throughout California. For additional information, please contact us at (707) 236-1500 or online at www.apbconnect.com. Forward-Looking Statements This press release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of AltaPacific Bancorp and its subsidiary AltaPacific Bank and on information available to management at the time these statements were made. There are a number of factors, many of which are beyond AltaPacific's control, which could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which AltaPacific is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than AltaPacific; and (7) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, AltaPacific does not undertake to update forward-looking statements to reflect subsequent circumstances or events.
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