Capital Corp of the West Notes Potential for Strong First Quarter Capital Position

Thu Mar 20, 2008 9:35pm EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]
MERCED, Calif.--(Business Wire)--
Capital Corp of the West (Nasdaq:CCOW), the parent company of
County Bank, has announced that, based on unaudited internal financial
reports, its January and February 2008 month-end capital positions met
or exceeded the regulatory definition of a well-capitalized financial
institution. According to Don Briggs, chairman of the Regulatory
Oversight Committee, "As of today we are well-capitalized." Regulators
define a well-capitalized institution as one that is above 10 percent
in its risked-based capital ratio.

   "We know that there have been questions in the marketplace and in
the media about our 2007 earnings," Mr. Briggs stated. "Like many
other financial institutions in California's Central Valley, the
collapse of the real estate market significantly impacted our fourth
quarter and our overall earnings for 2007. However, our performance in
January and February 2008 has restored us to a well-capitalized
position."

   County Bank customer deposits are insured by the FDIC to
applicable limits and are backed by a bank with a solid community
reputation that has been committed to serving its customers for more
than 30 years. Briggs states, "County Bank looks forward to continuing
its tradition of donating a portion of earnings each year in the 13
California counties it serves."

   About Capital Corp of the West

   Capital Corp of the West, a bank holding company established
November 1, 1995, is the parent company of County Bank, which has more
than 30 years of service as "Central California's Community Bank."
Currently, County Bank has forty-one branch offices serving thirteen
counties in California. Its primary concentration is in the Central
Valley of California. As of the latest FDIC data, County Bank has a
7.29% market share in the six Central California counties in which it
has a significant retail branch presence, ranking County Bank fifth
out of forty-one financial institutions in that market area.

   Note: This document includes forward-looking statements and
information is subject to the "safe harbor" provisions of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These statements are subject to risks and
uncertainties and include information about possible or assumed future
results of operations. Many possible events or factors could affect
the future financial results and performance of the Company. This
could cause results or performance to differ materially from those
expressed in our forward-looking statements. Words such as "expects",
"anticipates", "believes", "estimates", "intends", "plans", "assumes",
"projects", "predicts", "forecasts", variations of such words and
other similar expressions are intended to identify such
forward-looking statements. These statements are not guarantees of
future performance and involve certain risks, uncertainties and
assumptions which are difficult to predict. Among the factors that may
cause future performance to vary significantly from current
expectations are uncertainties in the following areas: local, national
and international economic conditions; competition; the Company's
credit quality and the adequacy of its allowance for loan losses;
actions by banking regulators in response to our loan losses; changes
in market interest rates; risks in integrating acquired businesses and
branches; regional weather and natural disasters; the possible adverse
effect of concentrations in the loan portfolio; turmoil in credit and
capital markets and potential impaired access to additional capital if
needed; potential adverse changes in market interest rates; and the
effect of existing and future regulation of the banking industry and
the Company in particular; civil disturbances or terrorist threats or
acts, or apprehension about the possible future occurrences or acts of
this type; outbreak or escalation of hostilities in which the United
States is involved, any declaration of war by the U.S. Congress or any
other national or international calamity, crisis or emergency.
Therefore, actual outcomes and results may differ materially from what
is expressed or forecasted in, or implied by, such forward-looking
statements.

   For further information contact Donald T. Briggs, Jr. at (209)
725-7405.

Capital Corp of the West
Donald T. Briggs, Jr., 209-725-7405

Copyright Business Wire 2008

 

Featured Broker sponsored link

Editor's Choice

Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

Photo
Bearing Witness
Reuters award-winning multimedia piece, reflecting five years of reporting the war in Iraq.