CERRITOS, CALIFORNIA, April 10, 2019 (GLOBE NEWSWIRE) -- First Choice Bancorp, the holding company for First Choice Bank (the “Bank”), announced today that the Bank has increased the revolving line of credit for its client Heritage Global Inc. (HGBL), from $1.5 million to $3.0 million. Heritage Global has been a customer of First Choice Bank since 2016.
“We are pleased to help Heritage Global grow its business through this larger line of credit. Our mission is to work together with businesses like Heritage, and executives like Ross and Kirk, to help them achieve their objectives,” said Robert Franko, President & CEO of First Choice Bank. “We strive to provide each of our clients customized solutions for their banking needs,” added Mr. Franko.
Since 1937, Heritage Global has been a leading, full service, global auction and asset advisory firm. The firm’s CEO and President, Ross and Kirk Dove, bring over a half-century of worldwide experience and expertise in virtually every industrial sector and geography. Together they have conducted over 4,000 industrial auctions, spanning 30 countries. As industry pioneers, they have developed asset recovery programs that have been embraced by many of the world’s biggest companies.
About First Choice Bancorp
First Choice Bancorp is the bank holding company for First Choice Bank, a community-based bank headquartered in Cerritos, California. As of December 31, 2018, First Choice Bancorp had total consolidated assets of approximately $1.6 billion. First Choice Bank is a Preferred Small Business Administration (SBA) Lender and serves primarily commercial and consumer clients in diverse communities through 11 full service branches and 1 lending office located in Los Angeles, Orange and San Diego Counties. The bank specializes in loans to small- to medium-sized businesses and private banking clients, commercial and industrial loans, and commercial real estate loans with a niche in providing financing for the hospitality industry. Founded in 2005, First Choice Bank has quickly become a leading provider of financial services that enable our customers to grow, maintain strength, and achieve their business objectives. We strive to surpass our clients’ expectations through our efficiency and professionalism and are committed to being “First in Speed, Service, and Solutions.” First Choice Bancorp stock is traded on the Nasdaq Capital Market under the ticker symbol “FCBP.”
First Choice Bank’s website is www.FirstChoiceBankCA.com.
About Heritage Global Inc. (www.heritageglobalinc.com)
Heritage Global Inc. (OTCQB: HGBL, CSE: HGP) is a value-driven, innovative leader in corporate and financial asset liquidation transactions, valuations and advisory services. Heritage Global focuses on identifying, valuing, acquiring and monetizing underlying tangible and intangible assets in twenty-eight global manufacturing and technology sectors. Heritage Global acts as an adviser, as well as a principal, acquiring or brokering turnkey manufacturing facilities, surplus industrial machinery and equipment, industrial inventories, accounts receivable portfolios, intellectual property, and entire business enterprises.
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, changes in interest rates, legislative/regulatory changes, monetary and fiscal policies of the United Sates government including policies of the United States Treasury and the Board of Governors of the Federal Reserve Bank, the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows, demand for financial services in our market area, implementation of new technologies, our ability to develop and maintain secure and reliable electronic systems, changes in accounting principles, policies and guidelines, and other risks and uncertainties. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. First Choice Bank and First Choice Bancorp undertake no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Robert M. Franko, 562.345.9241
President & Chief Executive Officer