| (April 15, 2005) At the California Association of Local Economic Development (CALED) conference held during the week of March 16, 2005 in Monterey, Paul Venosdel, State Director, USDA Rural Development in California, presented Ron Aschwanden, Senior Vice President/Regional Manager Calaveras County for Pacific State Bank headquartered in Stockton, with an award for processing the second largest amount of Business and Industry (B&I) loans in California. Aschwanden was also recognized for being Number Seven in the nation for his lending activity. Pacific State Bank processed seven guaranteed loans totaling over $19 million.
Pacific State Bank participated in the B&I Guaranteed Loan program through USDA Rural Development which guarantees up to 80% of the loan made by a commercial lender for qualified businesses in eligible rural areas. The primary purpose of the B&I program is to stimulate the local economy, create additional employment, attract additional commercial investment capital and support potential growth in tax revenue, which will improve the quality of life for rural residents.
Last year, USDA Rural Development in California lead the nation in the B&I program with over $87 million provided through 16 different banks and lenders, creating or saving 1,272 jobs throughout the state.
“We are proud to honor Pacific State Bank and Ron for their continued outstanding contributions to improving the quality of lives for rural residents. The organization is a dedicated partner in the mission to improve economic resources for rural communities,” said Venosdel.
Lenders appreciate the B&I program because it expands their lending capabilities to include a wider range of rural business projects. Loan proceeds may be used for working capital, equipment, buildings, real estate and certain types of debt financing. All rural areas are eligible, excluding cities of more than 50,000 population and their adjacent urbanized areas.
Pacific State Bank operates branches in Angels Camp, Arnold, Groveland, Modesto, Stockton, and Tracy, California along with an LPO in Castro Valley, CA. Pacific State Bank is recognized nationally as a leader in the underwriting of USDA, Business and Industry Loans and also as a leader in mortgage and SBA lending within its current five county service area. For more information on Pacific State Bank or any questions pertaining to this news release, may be directed to Steven A. Rosso, President & CEO, at 209-870-3214.
Statements made in this release may constitute Forward Looking Statements within the meaning of the Private Securities Litigation Reform Act of 1995 and any such statements are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include those related to the economic environment, particularly in the region where Pacific State Bancorp operates, competitive products and pricing, general interest rate changes and the fiscal and monetary policies of the US Government, credit risk management, regulatory actions, and other risks and uncertainties.
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