Business News • MarketWire • Focus Business Bank Announces Financial Results for the Quarter and Year Ended December 31, 2009 |
Focus Business Bank Announces Financial Results for the Quarter and Year Ended December 31, 2009 |
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Focus Business Bank Announces Financial Results for the Quarter and Year Ended December 31, 2009
SAN JOSE, CA--(Marketwire - March 10, 2010) - Focus Business Bank (OTCBB: FCSB) announced
unaudited financial results for the quarter and year ended December 31,
2009. The Bank ended the quarter with assets of $108 million, an increase
of 14% over December 31, 2008. The Bank had a loss for the quarter of
$671,000 compared to a loss of $1,007,000 for the quarter ended September
30, 2009. The loss for the full year ended December 31, 2009 was
$3,641,000 compared to a loss of $1,690,000 for the prior year. President
and Chief Executive Officer Richard L. Conniff said, "The Bank's
performance in 2009 continued to reflect disruption in the economy which
caused the residential mortgage market to drop precipitously and
unemployment to increase above 12% in Santa Clara County. As a result of
difficulties faced by the Bank's clients, particularly those involved in
real estate, provisions for loan losses remained at elevated
View More : http://www.marketwire.com/mw/release.do?id=1130002&sourceType=3
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