Torrey Pines Bank Annouces Strong Growth in Second Quarter 2009
Leading San Diego commercial bank attributes growth to strength of management team and listening, and directly responding to, needs of small and medium sized businesses
San Diego CA, July 27, 2009 â€“ Torrey Pines Bank, a leading, local commercial bank with offices throughout San Diego County and an affiliate of Western Alliance Bancorporation today announced strong growth, excellent asset quality and an increase in net income, even amidst current economic challenges. Assets grew to $1.025 billion as of 6/30/09 from $776 million on 6/30/08. Gross loans grew by $84mm (or 14%) to $707 million, and deposits grew by $349mm (or 64.7%) from 6/30/08 to 6/30/09. Additionally, net income was $962,000 for the six months ending June 30, 2009, up $1.1 million from the same period last year.
From $20 million in initial capital and a single office with seven employees when it was founded in 2003 to $1.025 billion and seven strategically located offices with over 150 full time employees as of June 30, 2009, Torrey Pines Bank has demonstrated solid growth. As of 6/30/09, the bank’s non performing assets represent just 0.38 percent of total assets, indicating strong credit quality and market expertise.
“At Torrey Pines Bank, we have maintained a commitment to listening to, and directly serving, the needs of small and medium sized San Diego businesses and their owners. Our practices of hiring the best of the best, with proven track records, in the banking industry and in taking prudent measures, since our inception, has given us an edge in offering banking services to the local community. Our continued financial success, even amidst the current economy, is a testament of our ability to manage through challenging times and leverage best practices to profitability,” said Gary Cady, chief executive officer of Torrey Pines Bank.
In May, Torrey Pines Bank’s holding company Western Alliance Bancorporation announced the raising of over $200 million in capital, which underscores the faith the investment market has in WAL. The raise brought WAL capital levels to among the highest in the industry and provided $15 million for Torrey Pines Bank.
With the backing of Western Alliance, Torrey Pines Bank is able to increase FDIC insurance up to five times more than and commercial loans three to five times higher than that of a single bank as well as offer access to a robust cash management platform; business and personal deposit accounts; a trust company; equipment finance and investment advice through sister company, Miller/Russell & Associates. These big bank products and services are delivered with the personal attention typically found at community banks and this banking model is what sets Torrey Pines Bank apart.
“At Torrey Pines Bank, we realize that at the core of our purpose and overall success lies in addressing the needs of our customers. We are proud of the growth Torrey Pines Bank has achieved and the security we are able to offer,” said John Maguire, president and chief operating officer of Torrey Pines Bank. “As long-term residents of the area with a vested interest in the community we are committed to continually ensuring the success of San Diego businesses--through comprehensive services and training programs, personal attention and the commitment of our own management team. We appreciate the confidence and support the Bank receives through continued customer referrals and trust, and intend to be a long-term leader in the local banking community.”
Torrey Pines Bank was recently again ranked as the number one community bank SBA504 lender for the 4th consecutive year by CDC Small Business Finance. In 2008, the bank gave over $200,000 in grants to charitable causes and its employees contributed over a thousand hours of volunteer activities. It is the only bank in its size category to ever win the “Best Place to Work” award from the Society of Human Resources Management.
About Torrey Pines Bank
Torrey Pines Bank is a California-chartered commercial bank, providing commercial and financial services to small and middle market businesses, and personal banking services to proprietors, employees, executives and consumers desiring a personal banking relationship. Information about products and services offered by Torrey Pines Bank is available at www.torreypinesbank.com.
About Western Alliance Bancorporation
Western Alliance Bancorporation is the parent company of Bank of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Alta Alliance Bank, First Independent Bank, Miller/Russell & Associates, and Premier Trust. These dynamic companies provide a broad array of banking, leasing, trust, investment, and mortgage services to clients in Nevada, Arizona and California. Staffed with experienced financial professionals, these organizations deliver a broader product array and larger credit capacity than community banks, yet are empowered to be more responsive to customers’ needs than larger institutions. Additional investor information can be accessed on the Investor Relations page of the company’s website, www.westernalliancebancorp.com.
On June 30, 2005 Western Alliance Bancorporation became a publicly held corporation traded on the New York Stock Exchange.