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Seacoast Commerce Bank Receives Approval for Membership in the Federal Reserve System

SAN DIEGO, CA -- (Marketwired) -- 06/19/14 -- Seacoast Commerce Bank (OTCQB: SCCB) today announced that the Federal Reserve Bank of San Francisco, acting under its delegated authority, has approved the Bank's application for membership in the Federal Reserve System, which will become effective June 25, 2014.

The Federal Reserve is the central bank in the United States, and was created by the Congress in 1913 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve's responsibilities fall into four general areas: conducting the nation's monetary policy in pursuit of economic growth and full employment; supervising and regulating financial institutions to ensure the safety and soundness of the nation's banking system; maintaining the stability of our financial system and our financial markets; and providing certain financial services to the U.S. Government, U.S. financial institutions, and foreign official institutions.

State-chartered banks may choose to become members of the Federal Reserve System if they meet specific, high standards set by the Board of Governors. In the San Francisco Federal Reserve Bank region (the 12th District), covering the nine western states of Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, Washington, only 36 banks in total have been approved for membership (only 26 in California). As a member of the Federal Reserve System, each member bank is required to subscribe to stock in its regional Federal Reserve Bank, and by law, receives a six percent annual dividend on their Federal Reserve Bank stock. Member banks also vote for Class A and Class B directors of the Reserve Bank.

Richard M. Sanborn, President & Chief Executive Officer, commented, "We are very excited to have been approved for membership in the Federal Reserve System. We continually evaluate our long-term plans, goals, and objectives, always looking for ways to improve on our business model, and we feel becoming a member of the Federal Reserve System gives us another advantage. The Federal Reserve's main mission of promoting economic growth in pursuit of full employment fits perfectly with our business model, as the Small Business Administration ('SBA') program we focus on is all about promoting economic growth and finding people jobs. As has been stated by the SBA, every $1 million in loans that we fund saves or creates 33 jobs."

Sanborn continued, "In addition to having a common focus, membership in the Federal Reserve System has other advantages. We continually evaluate the best way to structure and fund the bank for future growth, and one potential way is by forming a Bank Holding Company. All Bank Holding Companies are regulated by the Federal Reserve, so being a member now provides for a smoother transition should the decision be made to form a Bank Holding Company in the future. While no decision has been made, having a Bank Holding Company can provide us with additional flexibility when it comes to capital raising alternatives. We continually state that our SBA loan 'hold strategy' is contingent on having sufficient capital and liquidity. As previously stated in our first quarter press release, we sold a large amount of SBA loans in the first quarter of 2014 to provide some additional capital and liquidity to support growth. We continue to analyze the best mix of selling more loans to support our growth, or supporting growth with a capital raise or debt offering. In either scenario, Federal Reserve membership gives us an advantage," Sanborn concluded.

Seacoast Commerce Bank is a business bank headquartered in San Diego, California, with full-service branches in San Diego, Chula Vista, and Glendale, California, and production offices in San Diego, Orange County, Los Angeles, Sacramento and San Ramon, California; Phoenix, Arizona; Denver, Colorado; Boise, Idaho; Las Vegas and Reno, Nevada; Houston and Dallas, Texas; and Seattle, Washington. For more information on the bank please visit our website at www.sccombank.com or contact Richard M. Sanborn, President and Chief Executive Officer at 858-432-7001.

Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such "forward-looking" statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance and regulatory matters.

This press release contains some non-GAAP financial analysis provided to supplement information regarding the Bank's performance, and to enhance investors' overall understanding of such financial performance.

Contact:
Richard M. Sanborn
President & Chief Executive Officer
Phone: 858-432-7001
Email: [email protected]

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