BELLEVUE, Wash., May 9, 2013 (GLOBE NEWSWIRE) -- Foundation Bancorp, Inc. (OTCBB:FDNB), the holding company for Foundation Bank, today announced that it has been named a Preferred Lender with the U.S. Small Business Administration ("SBA").
The Preferred Lenders Program ("PLP") is part of SBA's effort to streamline the procedures necessary to provide financial assistance to small businesses. PLP lenders are approved based on their past record with the SBA and must have demonstrated a proficiency in originating, processing and servicing SBA-guaranteed loans. A bank that has preferred lender status may grant approval of a small business loan and that loan is automatically approved by the SBA -- thus speeding funds into the borrower's hands.
"We are very proud that Foundation was selected to be a Preferred Lender, which is the highest bank designation granted by the SBA and is reserved only for top-tier bank lenders," said Diane Dewbrey, President and CEO. "Our receipt of this status is a testament to the dedication of our outstanding team and their efforts to build a dynamic SBA lending platform that supports entrepreneurial achievement and drives small business development and job growth throughout the Pacific Northwest."
About Foundation Bancorp
Foundation Bancorp (FDNB) is a bank holding company based in Bellevue, Washington, that operates Foundation Bank, a locally-owned, full service, state chartered commercial bank. Foundation Bank has been serving the greater Puget Sound region since 2000.
Safe Harbor Statement. This release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.