Vibra Bank Announces Strong Earnings and Growth

CHULA VISTA, Calif., Oct. 24, 2011 /PRNewswire/ -- Today, Vibra Bank ("VBBK"-OTCBB) announced its unaudited financial results for the third quarter and nine months ended September 30, 2011.

Vibra Bank opened for business in July 2008, focusing on the business and professional market, and emphasizing its bi-cultural focus. The bank, headquartered in Chula Vista, CA, is FDIC insured and operates solely in the U.S., concentrating on serving the Hispanic business and professional market in San Diego County.

"We are pleased to share the positive quarterly and year-to-date results for the bank, reflecting our continued growth," said Vibra Bank Chairman Enrique Schon.  "Our commitment to provide excellent service, our focus on our core bicultural business, and our strong financial position has proven to be a winning combination."

For the third quarter ending September 30, 2011, the bank reported a net profit of $246,000.  This compares with a loss of ($201,000) for the same period of the previous year.  For the nine months ending September 30, 2011, the bank reported a net profit of $710,000, compared to a loss of ($594,000) for the same period of the previous year.

"Vibra Bank continues to build new relationships, partnering with customers to meet their business and personal needs with a full array of loan and deposit products," said Vibra Bank CEO Scott Parker. "In spite of a weakened economy Vibra Bank continues to thrive and to be a strong financial partner for its clients."  

Vibra Bank's leverage ratio as of September 30, 2011 was 14.7%, compared with the minimum 11% required of most newly-established banks.  As of September 30, 2011, Vibra Bank reported total assets of $87.4 million, including total gross loans of $67.0 million.  Total deposits were reported as $73.6 million, and total equity at $11.8 million.

Vibra Bank offers customers a wide range of deposit services to meet their customers' needs, including online banking and remote deposit capture. Vibra Bank's lending is focused on loans to businesses, business owners, and professionals with a full range of loan products. The bank is also a Preferred Lender for SBA loans.  More information about Vibra Bank may be found at www.vibrabank.com.

Certain statements in this press release, including statements regarding the anticipated development and expansion of Vibra Bank's business, and the intent, belief or current expectations of Vibra Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995).  Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.  These risks and uncertainties include, but are not limited to, risks related to the local and national economy, Vibra Bank's performance and implementation of its business plans, loan performance, interest rates, and regulatory matters.

Media Contact:
Scott Parker
619-651-9411
[email protected]

SOURCE Vibra Bank