Vibra Bank Reports Robust Growth For 2013

CHULA VISTA, Calif., Feb. 20, 2014 /PRNewswire/ -- Today, Vibra Bank ("VBBK"-OTCBB) announced its unaudited financial results for the fourth quarter and year ended December 31, 2013.  The Bank reported a net profit for the fourth quarter of $44,000, compared with a net profit of $183,000 for the fourth quarter of 2012.  The Bank reported a net loss of $124,000 for the year ended December 31, 2013, compared with net income of $1,149,000 for the previous year.

Highlights for the year-end 2013 compared to the prior year-end include:

• Growth in Total Loans of $22 million, or 26%, to $107 million
• Growth in Total Deposits of $38 million, or 40%, to $135 million
• Growth in Total Assets of $38 million, or 35%, to $149 million

Newly appointed President and CEO, Frank J. Mercardante, said, "The Bank's 2013 performance was impacted by: a larger and more rapid growth in deposits than loans during the year; a significant increase in compliance personnel costs earlier in the year to support both growth and regulatory requirements, and; the expiration of tax benefits in the prior year".

Additionally, as of December 31, 2013, Vibra Bank continued to reflect strong Capital ratios summarized as follows:

"Vibra Bank remains one of the strongest banks in Southern California serving a full spectrum of clientele", added Mercardante.  He complemented his predecessor, Scott Parker for building a strong team of professionals serving a wide-variety of customers.  The Bank continues to reflect a very high quality of assets with no nonperforming assets as of the end of December 31, 2013.

Vibra Bank is a full-service community bank offering a wide variety of deposit and loan services to meet their customers' needs.  Deposit offerings include, among others, state-of-the-art online banking and remote deposit capture.  As an SBA Preferred Lender, Vibra's lending is focused on loans to small businesses and professionals, commercial real estate, and high net-worth individuals.  Please visit our website at www.vibrabank.com for more information, or call us at (619) 422-5300.  SE HABLA ESPANOL

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:
Frank Mercardante
619.651-9411
[email protected]

SOURCE Vibra Bank