Message #2 From:
NewsBot Date: October 30, 2006 06:25:00 AM
DVBC News Discovery Bank Plans Branch Office in Los Angeles
SAN MARCOS, Calif.--(BUSINESS WIRE)--Discovery Bank, a wholly owned subsidiary of Discovery Bancorp
(OTCBB:DVBC), has filed applications with the California Department of
Financial Institutions and the Federal Deposit Insurance Corp. to open a
full service branch office in downtown Los Angeles.
If approved, the new office will be the company’s
second venture into the Los Angeles area. In September 2005 Discovery
Bancorp completed the purchase of Celtic Capital Corp., a then-privately
held commercial finance company based in Santa Monica. Celtic Capital
continues to operate under the Celtic name as a wholly owned subsidiary
of Discovery Bancorp.
“We believe there’s
a niche in Los Angeles for a business bank with our unique approach to
customer service for small to medium-sized companies,”
said James P. Kelley, president and chief executive officer. “Celtic
Capital has built an excellent reputation throughout the region since
opening in 1982. That knowledge of the market, plus the experienced
bankers who will staff our new office, makes this a logical step in the
growth and evolution of our company.”
The office plans to offer a full range of deposit and loan products for
businesses, including commercial real estate, accounts receivable,
equipment financing, leases, lines of credit, SBA loans and financial
management services. For consumers, the office will provide a full line
of deposit and loan products.
Discovery Bancorp is a bank holding company serving the financial needs
of small to medium-sized businesses, professionals and individuals
through two principal subsidiaries – Discovery
Bank and Celtic Capital Corp. The bank has offices in San Marcos and
Poway, Calif., and Celtic Capital’s offices
are in Santa Monica, Phoenix, and Bellevue, Wash. As of June 30 of this
year, the holding company had $186 million in assets.
Forward-Looking Statements – Statements
in this release that are not historical facts are forward-looking
statements based on management's current expectations and beliefs on
future developments and their potential effects on the bank. There is no
assurance that future developments affecting the bank will be those
anticipated by management. Forward-looking statements involve risks and
uncertainties, and actual results may differ from those projected in the
forward-looking statements due to credit, market, operational,
liquidity, interest rate and other risks.
