Paradise Bank Announces Record Profit from SBA Initiative

Nov. 28, 2011 - PRLog -- Bill Burke, President, announced today that for the nine month period ending September 30th, Paradise Bank reported a profit of almost $1,500,000, a $2,300,000 turnaround from the previous year. Additionally, the bank met or exceeded the requirements to add capital through both core profitability plus attracting new investors.

As a result, Paradise exceeded targeted guidelines by producing capital ratios of 8% and 12%. ”I’m extremely gratified to share that we have only three non-accruing loans totaling $1,931,000 and four pieces of bank owned real estate totaling $1,718,000 remaining, representing 1.65% of the total loan portfolio. This is very manageable for us,” added Burke.

Core profitability was enhanced by the launch of a successful SBA loan initiative one year ago. In terms of dollars of loan volume, Paradise became the top loan producing community bank in the State of Florida and Palm Beach counties for the first nine months of this year, and posted the number two production slot in Broward. Measured by loan volume for 7a loan product, the bank has focused largely on financing owner occupied commercial real estate opportunities. “This truly shows how community banks can make a big positive impact in spurring the economic turnaround of our markets” related Ward Kellogg, Chairman.

Paradise Bank is a full service commercial bank with offices in Boca Raton, Ft. Lauderdale and Delray Beach, Fl. For additional information contact Bill Burke, President, at 561-392-5444 or visit http://www.paradisebank.com.

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