MORENO VALLEY, Calif., May 4, 2006 (PRIMEZONE) -- Inland Valley Bank, the newest community bank serving the Inland Empire, will open its first office at 25125 Sunnymead Blvd. (Southeast corner of Perris Blvd and Sunnymead Blvd.) in Moreno Valley on Friday, May 5.
Although the bank is new, its managers and employees have more than 300 years combined experience serving businesses and residents in the fast growing I-215 Corridor stretching from San Bernardino and Redlands in the north to Temecula in the south.
"The same friendly faces will be here to provide a full range of banking services from construction and small business loans to checking accounts and certificates of deposits," said Gene Wood, president of Inland Valley Bank.
Before starting Inland Valley Bank, Wood was president and chief executive of a 46-year-old independent bank based in Moreno Valley that was acquired last year by an international bank.
"We may appear to be the new kid on the block but we will provide the same high-touch, personalized services that our banking customers in this region came to appreciate from a local independent bank," he promised.
Inland Valley Bank is a division of South County Bank, a $180 million institution based in Irvine with three offices in Orange County. Both banks are subsidiaries of CalWest Bancorp, a two-bank holding company. Because Inland Valley Bank did not have to sell stock to investors to get started, it can offer a broader range of banking services and larger loan limits than the typical startup bank.
Since it is wholly owned by South County Bank, Inland Valley Bank can immediately offer its small business customers throughout the state the benefits of U.S. Small Business Administration's Preferred Lending Status.
The Preferred Lending status, the highest lending designation granted by the SBA, lets Inland Valley document and originate SBA guaranteed loans and shorten the time it takes to get a loan approved and funded.
Inland Valley Bank signed a lease in January for the 2,800-square-foot branch near the intersection of Perris Boulevard and the 60 Freeway. Currently, Inland Valley Bank has nearly $30 million in construction loans and more than $1 million in deposits.
Over the next several weeks, Inland Valley Bank plans to activate its Web site (www.inlandvalleybank.com) and offer its customers online banking services.
Inland Valley Bank will celebrate a grand opening this month.