IRVINE, CA--(Marketwire - September 29, 2010) - Plaza Bank (
The Act effectively provides $12 billion in tax benefits and a $30 billion lending fund for small businesses, the Bank's primary customer base. Plaza's goal is to fund $100 million in new commercial loans, both conventional and SBA, during the next 12 months.
"In Southern California, we've seen a slow recovery thus far. We believe this Act will help facilitate the speed of that recovery dramatically," says Robert Forsythe, Chief Banking Officer at Plaza Bank.
Provisions of the Act include incentives to healthy community banks for increases in small business lending, as well as an extension of the 90 percent SBA guarantee on small business loans which began in 2009 and expired in May.
Plaza Bank's marketing plan focuses on providing superior service and a wide array of lending choices to small to medium-size traditional businesses and professional firms. These customers are best able to benefit from the newly reduced or eliminated lending fees, increased loan limits and new incentives for debt refinancing.
"The Federal government is giving us the tools and leverage to provide small business customers with far greater opportunity," continues Forsythe. "Fortunately, Orange County has consistently been a vibrant business community. This recent Act will supplement its growth."
Some of the provisions of the Jobs Act are effective immediately, while others will be implemented in stages through the Small Business Administration (SBA). Plaza Bank SBA business loan advisors are trained and ready to assist borrowers with the best strategy to utilize the benefits of the Act.
The Irvine branch of Plaza Bank is located at 19900 MacArthur Boulevard, Suite 190, and can be reached by phone at (949) 502-4300.
About Plaza Bank
Plaza Bank is a full-service business bank headquartered in Irvine, California with an additional full service branch location in Las Vegas, Nevada.
The Bank is dedicated to meeting the financial needs of the small business customer with innovative diverse products and personalized service. For additional information, visit the Plaza Bank website at www.plazabank.net.
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbors created by that Act. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements describe future plans, strategies and expectations. Forward-looking statements are based on currently available information, expectations, assumptions, projections, and management's judgment about the Bank, the banking industry and general economic conditions. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.
Contact Information:
Media Contacts:
Gene Galloway
President - Plaza Bank
702-277-2221 or 949-502-4309