|By Marketwired .||
|June 19, 2014 04:00 PM EDT||
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.
Richard M. Sanborn
President & Chief Executive Officer
Email: [email protected]
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
Jul. 28, 2016 07:45 AM EDT Reads: 918
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 28, 2016 07:30 AM EDT Reads: 505
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Jul. 28, 2016 07:15 AM EDT Reads: 674
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Jul. 28, 2016 06:45 AM EDT Reads: 1,858
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 28, 2016 06:45 AM EDT Reads: 1,542
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jul. 28, 2016 05:45 AM EDT Reads: 2,323
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 04:45 AM EDT Reads: 1,371
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Jul. 28, 2016 04:15 AM EDT Reads: 1,300
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Jul. 28, 2016 03:45 AM EDT Reads: 2,326
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 03:30 AM EDT Reads: 1,597
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 28, 2016 03:15 AM EDT Reads: 2,646
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 28, 2016 03:00 AM EDT Reads: 1,632
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 28, 2016 02:30 AM EDT Reads: 1,556
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 02:30 AM EDT Reads: 1,803
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Jul. 28, 2016 02:15 AM EDT Reads: 1,408