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Friday, 05/15/2009 8:14:25 PM

Friday, May 15, 2009 8:14:25 PM

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WCB Holdings, Inc. and Western Commercial Bank Announce 1st Quarter Results for 2009
May 15, 2009 6:42:00 PM


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View Additional ProfilesWOODLAND HILLS, CA -- (MARKET WIRE) -- 05/15/09 -- WCB Holdings, Inc. (OTCBB: WCBH), located at 21550 Oxnard Street, Suite 100, Woodland Hills, California, announced its first quarter of 2009 financial results. Through March 31, 2009, the Bank showed a net profit of $24,000 and the Company (on a combined basis) showed a net loss of $11,000. The Company's total assets grew 18% from $104.3 million at March 31, 2008 to $123.0 million at March 31, 2009. For the same period, total loans grew 24% from $83.5 million to $103.4 million and total deposits increased 20% from $89.3 million to $107.0 million. The Company also recognized $43,000 in warrants expense for the year ended March 31, 2009.

Western Commercial Bank, a wholly owned subsidiary of WCB Holdings, Inc., recognized $50,000 in non-cash stock option compensation expenses, and provided $35,000 in loan loss provision for the quarter and year ended March 31, 2009.

At March 31, 2009, the Bank's allowance for loan losses was $1,359,000 or 1.32% of total loans (or 1.45% net of cash secured and government guaranteed loans), which Management considers prudent in this economy.

At March 31, 2009, the Bank's Tier 1 leverage ratio was 8.2% and its total risk-based-capital ratio was 10.3%, both considered in the well-capitalized category. The Bank has two non-performing assets for $8.6 million, both of which are very well-secured and mitigated by a $5.3 million guarantee by the USDA.

Carl W. Raggio, III, President and CEO, said, "While the economy continues to be a major factor for the banking industry, the Board and I are pleased we could show a profit for the Bank in the first quarter. We feel this is a testament to our strong clients and continued vigilance in our risk assessment."

To bolster its capital, the Company expects to raise funds in a private offering in the second quarter of 2009.

Forward-looking statements, by their nature, are subject to risks and uncertainties. The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. Forward-looking statements speak only as of the date they were made. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances that may occur after the date that forward-looking statements are made.

The Bank offers a comprehensive selection of business deposit and loan products, cash management services as well as SBA-guaranteed loans. The Bank is not involved in any of the sub-prime products.

The Bank provides financial services to small and mid-sized businesses, entrepreneurs and professionals in the San Fernando Valley, with special expertise in commercial real estate finance.

Regular office hours are Monday through Friday, 9:00 a.m. until 4:00 p.m.

Information on the Bank's services is available by calling (818) 449-7700 and online at www.westerncommercialbank.com. Information on the Bank's stock may be obtained from Carl W. Raggio, III, President and Chief Executive Officer, at (818) 449-7700. The stock trades on the OTC Bulletin Board.

Contact:
Carl Raggio
President & Chief Executive Officer
(818) 449-7711


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