Vibra Bank announced its unaudited financial results for the quarter ended March 31, 2011, with solid results driven by the company’s focus on its bi-cultural strengths. The bank focuses on serving the Hispanic business and professional market in San Diego County.
“We are pleased to report an expansion of the profitability which we first achieved in the fourth quarter of 2010,” Vibra Bank Chairman Enrique Schon stated in the press release. “Our continued success demonstrates the power of our bicultural focus, combined with local decision-making and a commitment to excellent service.”
For the quarter ended March 31, 2011, the bank reported a net profit of $135,000, as compared to a loss of $274,000 for the same quarter of the previous year.
“Vibra Bank continues to grow by expanding quality relationships with our customers, and continuing to provide them with innovative products and services, delivered by our dedicated team,” Vibra Bank CEO Scott Parker stated. “We continue to have zero non-performing loans or foreclosed real estate, and an excellent financial condition.”
Vibra Bank reported that its Tier one capital as of March 31, 2011, was 14 percent, compared with the minimum 11 percent required of most newly-established banks. As of March 31, 2011, Vibra Bank reported total assets of $81.3 million, including total gross loans of $55.6 million. Total deposits were reported as $63.2 million, and total equity at $10.9 million.
Parker said the bank anticipates continued performance in the rest of the year.
“We look forward to the remainder of 2011, as the economy begins to show some signs of improvement, and we are able to offer the strengths of Vibra Bank to help our expanding customer base reach its goals,” Parker stated. “We expect to continue to bring forth innovative services to increase the value of a relationship with Vibra Bank, and augment the excellent team of professionals we have assembled to serve our clients.”
For more information visit www.vibrabank.com