Affinity Bank
FOR IMMEDIATE RELEASE
November 22, 1999
Affinity Bank announces the acquisition of the insured
deposits of Pacific Thrift and Loan pursuant to a Purchase and Assumption
Agreement executed with the Federal Deposit Insurance Corporation.
Affinity Bank and the Federal Deposit Insurance Corporation (FDIC),
as receiver for Pacific Thrift and Loan, said today they have signed
a definitive agreement for Affinity Bank to acquire the insured
deposits of Pacific Thrift and Loan, in Woodland Hills, California.
Known for its superior customer service and its Call Center Banking
Department, Affinity Bank launched operations in 1996, following
the acquisition of San Francisco Thrift and Loan in 1995. To date,
deposits have primarily come from the Ventura, California area where
they are headquartered, the San Francisco area where they started,
and from a very large pool of mail-in depositors, most of whom belong
to the national Good Sam recreational vehicle club and its affiliates.
"We’re privately held, well-capitalized, and pleased
to be able to say that we’re growing rapidly," said bank
president, Michael McGuire.
"We are very excited about the opportunity to expand our customer
base in Southern California. We have worked hard to maintain a high
level of service to our customers while maintaining operating efficiencies,
and it seems to be paying off.
The acquisition of the Pacific Thrift and Loan branch will boost
Affinity Bank’s assets from $235.0 million, reported at the
end of the third quarter of 1999, to approximately $325.0 million.
"But it’s not just about asset growth," McGuire
said. "A lot of the excitement is about being able to provide
superior banking service to people. We want people to know that
Affinity Bank’s telephone banking center doesn’t operate
like the norm. We make sure that customers get to talk with real
people.
"We treat them with good old-fashioned personalized care.
Our people are well trained and knowledgeable, and they work hard
to make the customer feel good about each and every transaction.
"We remember the days when you could walk into your local
bank and start up a conversation with a teller or bank manager who
remembered you by name. We try to provide this kind of service in
our branches as well as in our telephone-banking center.
"We will continue to expand the capabilities of our internet
banking service. And you can visit us today on the web at www.affinitybank.com."
In addition to providing traditional banking services and "highly
competitive" Certificate of Deposit and Money Market rates,
the bank also focuses on originating, selling, and servicing real
estate loans for the acquisition or rehabilitation of multi-family
and other income property, primarily in California.
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