Scottsdale, Arizona 10/28/2008 12:12:16 AM
News / Finance

California United Bank (CUNB.OB) Posts Positive Q3 Results Despite Financial Storm

www.QualityStocks.Net would like to highlight California United Bank (OTCBB: CUNB). The company provides a full range of financial services, including credit and deposit products, cash management, and internet banking for business and high net worth individuals.

 

In the company’s news Friday,

 

California United Bank announced positive third-quarter results for 2008, a continuance of previous positive financials reflecting the company’s consistent growth, profitability and loan quality. The company posted earnings at $2.51 million, or 50 cents per diluted share, as compared to $2.64 million for the same period last year.

 

“We would be satisfied with these results in any economy,” David I. Rainer, president and CEO of California United Bank stated in the press release. “However, given the recent economic turbulence we are very pleased with our ability to continually grow organically while maintaining a quality loan portfolio. We are particularly pleased by the growth in core deposit customer relationships.”

 

The company also posted a 44 percent increase in total assets to $352.8 million from $108.9 million for the same period in 2007. Net income grew 119.4 percent to $136,000.

 

California United Bank also reported continued growth of core deposit business relationship accounts; and a 33.5 percent increase in total loans for the quarter ended September 30, 2008.

 

“In the midst of historical levels of instability in the banking industry, California United Bank continues to offer its clients capital well in excess of regulatory requirements to be ‘well capitalized’, while maintaining profitability, and FDIC insurance to the maximum allowed by law,” stated Rainer. “We were pleased to be rated ‘outstanding’ by Bauer Financial a bank rating service, providing additional comfort to our clients and prospective clients. We believe our strength and stability offer a secure haven for customers in these uncertain times.”

 

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.