February 15, 2007 - Aquesta Bank made substantial progress during only 5 short months of business in 2006, due to the tremendous support the bank received from its shareholders and community. The bank commenced operations in August 1 and held a grand opening on September 9, 2006. President and CEO Jim Engel reported that through December 31, 2006 the bank “exceeded our initial business plans and expectations”.
Based on unaudited numbers, Aquesta Bank posted positive results for its short year from August 1, 2006 through December 31, 2006. During this period Aquesta grew its assets from an initial amount of approximately $23 million to its December ending balance of $55.8 million. Included in the asset growth is $26.5 million of funded loans. Deposits grew to $28.9 million.
Aquesta Bank also posted very positive operating results against its business plan. As is normal with start-up banks, Aquesta posted a loss of approximately $1 million during this initial period. This result is better than initial projections. Still in its early stages of development, Aquesta is successfully expanding its business footprint, customer base, and loan portfolio. The book value of Aquesta stock at December 31, 2006 diluted was about $10.26 per share.
Aquesta Bank will release its formal audited financial results in March.
Aquesta will also break ground during the first quarter on a new Cornelius headquarters building. In addition, the bank anticipates an opening of their second branch during the fourth quarter of 2007. As previously announced, the Loan Production Office in Denver is up and running with two lenders servicing the west side of Lake Norman.
Aquesta continues to deploy technology to enhance customer service experience. The bank has implemented a significant enhancement to their on-line banking and bill payment system which includes the latest in on-line security features. With the nationwide free usage of any bank ATM, Aquesta is quickly becoming the bank that exceeds expectations for service and convenience.
Aquesta Bank is a community bank dedicated to providing quality, customized, and hassle-free banking for the Lake Norman area. Aquesta focuses on personal financial solutions as well as those for small to medium-sized businesses.
For more information on Aquesta Bank, please contact Lauren Kimsey, Director of Marketing at (704) 439-4343 or visit our website at www.aquesta.com.
This release contains certain forward-looking statements with respect to the financial condition, results of operations and business of Aquesta Bank. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of management of the Bank and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of words like “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. The Bank does not undertake an obligation to update any forward-looking statements.