Message from CEO on financial strength of Bank
At Torrey Pines Bank we pride ourselves on building close personal relationships with our customers and helping you make wise financial decisions for continued profitability and wealth accumulation. As veteran bankers we understand the value that comes with having open communications and given the unprecedented times that the banking industry is experiencing it is especially important that we make you aware of the strength and safety of Torrey Pines Bank. I’m writing to you to assure you of that fact.
Stress testing indicates that our capital levels are substantially sufficient to weather the most adverse scenarios. Further, our risk based capital, a key measure of the bank’s risk profile, is 13.27%, well above regulatory standards of 10%. The same holds true for our parent company Western Alliance Bancorporation whose risked based capital is 14.4% at the end of December.
Our deposits in the fourth quarter were up 32% ($224 million) over the same period last year. The excess liquidity provides the Bank with substantial capacity to fund business loans and lines of credit. As of December 31, 2009 our non – performing assets were just 2.60% of total assets, which is well below the 5.98% that was the average for 83 peer banks in the western United States (as of September 30, 2009).
As the banking industry continues on its road to recovery I trust that you feel confident about the strength of Torrey Pines Bank and are pleased with the customer service we provide. We are proud of our performance and trust that you are as well. We are always looking for ways to improve our performance and are working closely with our regulators to enhance some of our practices for optimal compliance with banking regulations.
Your relationship manager is always available, as is the Management team at the bank, to talk in detail with you about Torrey Pines Bank’s financials. Should you have questions please call on us – we’re here to help you navigate these times to financial success.
Gary Cady
CEO
