FOR IMMEDIATE RELEASE
Tuesday, July 13, 2010
MEDIA CONTACT
Daniel Moran, Jr.
O: 480.706-6880 x122
M: 617.304.0064
dmoran@prfectmedia.com
SONORAN BANK REPORTS FIRST QUARTER GROWTH
The Community Bank is Experiencing an Increase in Monthly Deposits, Availability of Small Business Loans and Total Assets in 2010 Over First Quarter 2009
PHOENIX, Arizona (July 13, 2010)—Sonoran Bank (www.sonoranbank.com) today announced the continued growth of its deposits and loans for the first quarter 2010 over 2009. As a result the bank has seen an increase of deposits this year by 37.1 percent. With deposits expanding to $1 million per month, Sonoran has more resources to make small business loans available to qualified candidates.
"Our strength as a bank is attributed to our sound banking practices that is centered on serving the customer and the community," said Jim Vigars, president and CEO of Sonoran Bank. "As we enter the last half of 2010, Sonoran Bank will continue to work with small businesses to provide loans, offer innovative products and focus on increasing deposits each month."
While Sonoran Bank's growth has been strong, the bank has not sacrificed its quality of service or products and has remained steady and strong. Unlike its competitors, Sonoran has not practiced sub-prime lending, laid off employees or placed a freeze on all new loans. The community bank has celebrated additional success this year being recognized for its competitive interest bearing accounts and earning a Datatrac Great Rate Award in May of 2010.
"Other banks continue to struggle to manage their loan portfolios and provide a quality loan to qualified candidates, Sonoran Bank does not face those challenges and has money to lend to qualified borrowers," added Vigars. "This is evident in our ongoing loan growth and is a vital part of our commitment to Arizona's business community. We continue to be dedicated to being one of the Valley's premier business and professional banks."
For more information about Sonoran Bank visit www.sonoranbank.com and for up-to-the-minute information follow us on Twitter at @SonoranBank.com. To speak with Jim Vigars, president and CEO contact Daniel Moran, Jr. at dmoran@prfectmedia.com or by phone at 480.706.6880 x122.
ABOUT SONORAN BANK
Founded in 2006, Sonoran Bank is a true community bank that quickly became the premier banking institution for Hispanic and minority small-to-medium sized businesses in Arizona. Named the only Minority Depository Institution in Arizona, by the FDIC, Sonoran Bank provides sound banking options for consumers, for profit and nonprofit businesses in the Phoenix metro area. Despite the collapse of the banking industry in 2008, Sonoran has continued to operate normally and provide qualified businesses and consumers with access to loans. As a community bank, Sonoran actively raises monies and awareness for local nonprofit organizations that include Valle del Sol and the Arizona Hispanic Chamber of Commerce. For more information about Sonoran Bank visit www.sonoranbank.com or follow us on Twitter @SonoranBank.
