SOURCE: Community Bank of the Bay
July 26, 2010 09:00 ET
Community Bank of the Bay Awarded Preferred Lender Status by SBA
OAKLAND, CA--(Marketwire - July 26, 2010) - Community Bank of the Bay (OTCBB: CBYAA), announced it was granted the Preferred Lender Program ("PLP") designation by the United States Small Business Administration ("SBA"). The designation of PLP is the highest Bank designation granted by the SBA and is reserved for top tier bank lenders. The program was created by the SBA to streamline procedures in order to provide financial assistance to small businesses. PLP lenders are nominated based on their past record with the SBA and must have demonstrated a proficiency in originating, processing and servicing SBA-guaranteed loans.
On July 15, 2010, Mark Quinn, District Director, San Francisco District office stated to Brian K. Garrett, Chief Executive Officer of the Bank, "We are pleased to present PLP status to Community Bank of the Bay as they represent a commitment to the process. We are looking forward to having them as a long term partner."
Mr. Garrett responded, "We are honored that the SBA has entrusted us with PLP status. The Bank makes the credit decision on behalf of SBA, eliminating the usual second review by SBA for underwriting. Most important for our business customers, this shortens the loan approval period significantly." Mr. Garrett added, "Achieving preferred provider status shows our commitment to having the best people, products and services for small business owners. With more than 30 years experience with SBA, Kathy Blakely is the person most responsible for our success to date and will lead these efforts into the future."
Mr. Garrett continued, "Beginning in mid-2009 we made the financial and personal commitment necessary to achieve this goal of PLP status. While it has been a considerable investment in the near term, it will pay significant rewards in the future."
Community Bank of the Bay serves the financial needs of a variety of commercial customers including businesses, professional service firms, and non-profit organizations. Information on the bank is available online at www.communitybankbay.com. Community Bank of the Bay is a member of the FDIC.