California United Bank Announces Relocation of Irvine/Newport Beach Branch
ENCINO, Calif.--(BUSINESS WIRE)-- California United Bank, the wholly owned subsidiary of CU Bancorp (Nasdaq: CUNB) , today announced plans to relocate its Irvine/Newport Beach branch to The Atrium office center located at 19200 Von Karman Avenue. The Bank will consolidate its existing branch and loan production offices in Irvine into the larger facility when the new branch opens this Summer.
The new full-service branch will be a 4,300 square foot facility located on the ground floor of The Atrium, a ten-story, twin tower office center featuring a dramatic glass-enclosed atrium. Adjacent to Orange County Airport, The Atrium is located in the heart of the Orange County business community.
"Our new, larger Irvine/Newport Beach branch will provide greater visibility for our franchise in Orange County," said David I. Rainer, Chairman, President and Chief Executive Officer of California United Bank and CU Bancorp. "We believe the new location will enhance our ability to serve our current customers and provide us with an exceptional facility that will support our continued growth."
About CU Bancorp and California United Bank
CU Bancorp is the parent of California United Bank. Founded in 2005, California United Bank provides a full range of financial services, including credit and deposit products, cash management, and internet banking to businesses, non-profits, entrepreneurs, professionals and investors throughout Southern California from offices in the San Fernando Valley, the Santa Clarita Valley, the Conejo Valley, Simi Valley, Los Angeles, South Bay, and Orange County. To view CU Bancorp's most recent financial information, please visit the Investor Relations section of the Company's Web site. Information on products and services may be obtained by calling (818) 257-7700 or visiting the Bank's Web site at www.cunb.com.
This news release contains forward-looking statements about CU Bancorp (the "Company") and its subsidiary California United Bank , for which the Company claims the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plan and expectations regarding future operating results. Forward-looking statements are based on management's knowledge and belief as of today and include information concerning the Company's possible or assumed future financial condition, and its results of operations, business and earnings outlook. These forward-looking statements are subject to risks and uncertainties. A number of factors, some of which are beyond the Company's ability to control or predict, could cause future results to differ materially from those contemplated by such forward-looking statements. These factors include (1) difficult and adverse conditions in the global and domestic capital and credit markets and the state of California, (2) timing of system conversions, delays and difficulties in integrating or other consequences associated with mergers and acquisitions, (3) significant costs or changes in business practices required by new banking laws or regulations such those related to Basel III, (4) continued weakness in general business and economic conditions, which may affect, among other things, the level of growth, income, non-performing assets, charge-offs and provision expense, (5) changes in market rates and prices which may adversely impact the value of financial products, (6) changes in the interest rate environment and market liquidity which may reduce interest margins and impact funding sources, (7) increased competition in the Company's markets, (8) changes in the financial performance and/or condition of the Company's borrowers, (9) increases in Federal Deposit Insurance Corporation premiums due to market developments and regulatory changes, (10) earthquake, fire, pandemic or other natural disasters, (11) changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or regulatory agencies, (12) international instability, downgrading or defaults on sovereign debt, including that of the United States of America or increased oil prices, (13) additional downgrades of securities issued by U.S. government sponsored or supported entities such as Fannie Mae and Freddie Mac, (14) the impact of the Dodd-Frank Act, (15) the impact of the expiration of the Temporary Account Guarantee Program on December 31, 2012 on the Company's deposit balances and deposit mix, (16) the effect of U.S. federal government debt, budget and tax matters, and (17) the success of the Company at managing the risks involved in the foregoing.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the statements are made, or to update earnings guidance, including the factors that influence earnings.
For a more complete discussion of these risks and uncertainties, see CU Bancorp's Annual Report on Form 10-K for the year ended December 31, 2012, particularly Part I, Item 1A, titled "Risk Factors."
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KEYWORDS: United States North America California
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