LOS ANGELES, July 11, 2001 (PRIMEZONE) -- GBC Bancorp (Nasdaq:GBCB) today reported that US Banker, a leading trade publication, ranked GBC Bancorp as the nation's most profitable bank in its July 2001 issue.
According to US Banker, GBC Bancorp was ranked the most profitable for the one-year and five-year categories, and second most profitable for the three-year category, among the first hundred largest banking companies with assets ranging between $1.12 billion and $2 billion. The New York-based trade publication ranked 400 banking companies with assets between $374 million and $2 billion by profitability, based on returns on equity and per-share earnings growth, over the one-year, three-year and five-year periods ending on December 31, 2000. As of December 31, 2001, GBC Bancorp had total assets exceeding $1.9 billion.
"On behalf of the employees and shareholders of GBC Bancorp, we are pleased to be recognized as the nation's most profitable bank by a respected publication such as US Banker," said Peter Wu, President and CEO of GBC Bancorp. "GBC Bancorp has grown from a $100 million company nearly 20 years ago to one that now exceeds $2 billion. We were able to achieve and sustain this growth by focusing on prudent cost control, dedicated risk management and, most importantly, outstanding customer service. Our employees deserve to be proud." GBC Bancorp reported total assets of $2.03 billion, as of March 31, 2001.
In May 2001, the Los Angeles Business Journal named GBC Bancorp as the most profitable financial institution in Los Angeles, based on five-year average annual return on equity.
GBC Bancorp is the holding company of Los Angeles-based General Bank, which specializes in international trade financing, real estate and construction lending, and is one of the very few commercial banks in its peer group that is successfully engaged in financing the high-technology sector in the country. The bank operates 18 branches throughout California and Washington, and a loan production office in New York. For more information about GBC Bancorp and General Bank, visit the company's Website at www.generalbank.com.