TEMECULA, Calif., March 8, 2004 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) announced that its shareholders have overwhelmingly approved a two-for-one split of its common stock.
The split required the approval of two-thirds of Mission Oaks' approximately 350 shareholders. Shareholders of record as of April 1, 2004 are eligible to receive one additional share of stock for each share they own.
"The stock split allows us to enhance shareholder value by doubling the number of outstanding shares and improving its availability," said Gary Votapka, Mission Oaks president and chief executive.
This is Mission Oaks' first stock split since opening its doors in November 2000. The Temecula-based community reported record earnings of $1.03 million, or $1.25 per share, for the year ended Dec. 31.
Mission Oaks finished the year with a return on average assets (ROA) of 1.37 percent and return on average equity (ROE) of 13.28 percent. Nearly 500 similarly sized U.S. banks reported an average ROA and ROE of 0.98 percent and 9.65 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of Sept. 30, 2003.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank with assets of $92 million that is committed to serving consumers and businesses in Southwest Riverside and Northern San Diego counties. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix.
For more on Mission Oaks National Bank visit its Website at missionoaksbank.com.
Safe Harbor
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to the company's current expectations regarding future operating results and growth in loans, deposits, and assets. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements.
These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers on the company's results of operation, (2) the company's ability to continue its internal growth rate, (3) the company's ability to build net interest spread, (4) the quality of the company's earning assets, and (5) government regulations.