Cerritos, CA, Aug. 13, 2019 (GLOBE NEWSWIRE) -- First Choice Bancorp (NASDAQ: FCBP) (“First Choice” or the “Company”) today announced that it has been named as one of the top banks in the country by BankDirector magazine based on its 2018 financial performance. First Choice was ranked as the 15th best performing bank with total assets between $1 billion and $5 billion and the 24th best performing bank among all size categories.
BankDirector’s rankings are based upon a number of metrics reflecting each bank’s profitability, capital adequacy and asset quality.
“We are very pleased to be recognized by BankDirector as one of the top performing banks in the country,” said Robert M. Franko, President and CEO of the Company. “The ranking is a testament to the strong business model we have developed, the attractive markets that we serve, and our commitment to providing customers with a superior banking experience. Since completing our merger with Pacific Commerce Bancorp approximately one year ago, we have seen a significant increase in our level of profitability while maintaining superior capital strength and asset quality. We believe we are well positioned to continue delivering superior performance for our shareholders, while maintaining our ranking among the best community banks in the country.”
About First Choice Bancorp
First Choice Bancorp, headquartered in Cerritos, California, is the sole shareholder of, and the registered bank holding company for, First Choice Bank. As of June 30, 2019, First Choice Bancorp had total consolidated assets of $1.73 billion. First Choice Bank, also headquartered in Cerritos, California, is a community-based financial institution that serves primarily commercial and consumer clients in diverse communities and specializes in loans to small-to medium-sized businesses and private banking clients, commercial and industrial loans, and commercial real estate loans with a specialization in providing financial solutions for the hospitality industry. First Choice Bank is a Preferred Small Business Administration (SBA) Lender. First Choice Bank conducts business through 9 full-service branches, and 2 lending offices located in Los Angeles, Orange and San Diego Counties. Founded in 2005, First Choice Bank has quickly become a leading provider of financial services that enable our customers to grow, maintain strength, and achieve their business objectives. We strive to surpass our clients’ expectations through our efficiency, personalized services and financial solutions and professionalism and are committed to being “First in Speed, Service, and Solutions.” First Choice Bancorp stock is traded on the Nasdaq Capital Market under the ticker symbol “FCBP.”
First Choice Bank’s website is www.FirstChoiceBankCA.com.
The statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, shareholder value creation, tax rates and the impact of the acquisition of Pacific Commerce Bancorp and Pacific Commerce Bank. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. Actual results may differ materially from those set forth in the forward-looking statements due to a variety of factors, including the risk factors described in documents filed by the Company with the Securities and Exchange Commission.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company's earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.
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Source: Company press release.