| Borrego Springs Bank NA | |
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| URL: | http://www.borregospringsbank.com/ |
| Description: |
Borrego Springs Bank, N.A., is a privately-held community bank focused on providing excellence in service to our customers and striving to deliver products and services tailored to meet the needs of our specialized markets. The Bank opened for business on November 1, 1982. The original shareholders included BSD Bancorp, a San Diego-based, multi-bank holding company and many local investors. The initial capitalization was $1.5 million. In early 1995 the Board of Directors promoted Senior Lending Officer and Vice Chairman, Frank V. Riolo, to President. Led by Mr. Riolo, a new investment partner was found in the Viejas (Baron Long) Group of the Capitan Grande Band of Diegueño Mission Indians. In December of 1996, the Bank signed the first stock purchase agreement with the Viejas Band of Indians to become the first Native American owned bank in California. In 1999, BSB and Viejas entered into a second stock purchase agreement to increase the Bank's operations and outreach, increasing the Tribe’s ownership to approximately 70%. Under the supervision of Chief Credit Officer William Ruhlman, small business lending grew to be the significant profit center of the Bank. The Coleman Report has ranked BSB's award-winning SBA Department, with offices located throughout the nation, among the 50th largest SBA lenders for three of the past four fiscal years. In May 2002, Mr. Riolo joined Viejas Enterprises as their Chief Executive Officer. In June 2003 Mr. Riolo was appointed the Bank's Chairman and Chief Executive Officer and Mr. Ruhlman was appointed President and Chief Operating Officer of the Bank. On December 29, 2004, the Bank’s stockholders approved a reverse split of the Bank’s common stock. The reverse stock split resulted in all of the minority shareholders receiving cash for their shares, leaving 100% ownership with the majority 7777 Alvarado Road, Suite 515 La Mesa, CA 91941 (619) 668-5159 (619) 403-5191 fax |
| Title: | Borrego Springs Bank NA |
| Clicks: | 2 |
| Link Added: | 12-26-2006 |
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