Premier Service Bank On The Right Track
July 1, 2002, Riverside, California

Today, Premier Service Bank, a California state-chartered bank headquartered in Riverside, California, released the results of its second quarter of operations ended June 30, 2002. At June 30, 2002 the bank reported total assets of $31.5 million, representing an 18% increase over the prior quarter. Deposits had grown 26% from the prior quarter, closing at $24.4 million. The bank’s credit portfolio had grown to $10.5 million, representing a 39% increase over the prior quarter closing. Unfunded credit commitments stood at $5.0 million at quarters end.

While the bank has not yet reached profitability, it is tracking to plan. The bank had reduced operating losses by 21% compared to the prior quarter, while increasing revenues by 45%. The increase in earnings is attributable to the expansion of the bank’s credit portfolio.

“Overall, we are extremely pleased with our performance since opening on September 10th of last year, and with our second quarter performance in particular,” Pendergast said. “We are either meeting or exceeding the goals we established for the bank early on. Our customer “first” attitude, coupled with state of the art technology, not only has been integral to our success to date, but also favorably positions the institution for continued growth moving forward. We are committed to being the “hometown” bank in the markets we serve,” Pendergast said in closing.

For further details contact:
Kerry L. Pendergast, President and CEO or
F. Dean Fletcher, Executive Vice President and CFO at Premier Service Bank: (909) 274 - 2400