Vibra Bank offers a range of services to meet its customers’ needs. A preferred lender for SBA (Small Business Administration) loans, its lending activities are focused on small businesses. The company’s particular emphasis is on the Hispanic demographic in San Diego County.
The company announced today its unaudited financial results for the year ended December 31, 2010, and the completion of its second full calendar year of operations, where it grew by 50%. The bank first opened its doors for business in July of 2008.
For the quarter ending December 31, 2010, Vibra Bank reported a net profit of $51,000, its first-ever profit. This compares with a loss of $184,000 for the same quarter of the previous year. For the year ending December 31, 2010, the bank reported a net loss of $543,000 compared with a loss of $1.48 million for 2009.
Vibra Bank also reported that it has zero non-performing loans and is in excellent financial condition. Its Tier 1 capital, as of December 31, 2010, stood at 21% which is well above the 11% minimum required of most newly-established banks. As of December 31, 2010, Vibra Bank reported total assets of $74 million, including total gross loans of $55 million. Total deposits were reported at $60 million and total equity at $11 million.
For further information about Vibra Bank, visit the company’s website at www.vibrabank.com