Posts Tagged ‘Mission Oaks Bancorp’

Most job openings provide a description of the position available to include responsibilities and qualifications. For example, I searched Monster.com for a random plant manager position at a Fortune 500 company. There were several listings, and the responsibilities were consistent on all of them.

Some of the responsibilities included plant wide order entry system, driving key initiatives, quality control, profit and loss, staffing and training, etc.

There was a minimum of ten years of managerial experience at multiple levels required as well as a bachelor degree, with a masters’ degree being preferred. These were performance based positions, meaning salary plus bonus for achieving certain metrics of that would indicate success. It is reasonable to expect the people that run a complex organization to be educated, have experience, and be compensated for performance.

Wouldn’t it make sense that the people in charge of keeping the economic train on its tracks have some minimum requirements, just like every other job in America? I’m not talking about a law degree. That’s a given.

Let’s start with the basics. From now on, to run for political office at any level higher than dog catcher, you had to work in the private sector for more than a summer internship. Let’s say 5 years of being responsible for creating or manufacturing something other than a reputation. As for leadership, the average 23 year old Army sergeant has significantly more leadership experience than 90% of the “leaders” inside the beltway. How about profit and loss responsibility? Wouldn’t it be ideal for the people responsible the federal checkbook to know what one looks like?

These minimum requirements aren’t too much to ask of the people with the greatest influence on expanding the economy and creating jobs. The point is probably moot. The way things look, quite a few of these folks will be logging on to Monster.com soon enough.

Today’s Markets

Increases in new-home sales and continued optimism over second-quarter earnings, let the Dow into positive territory for the year as the Dow Jones Industrial Average finished up 100 points to close at 10,525.43 in very light trading. The Nasdaq Composite gained 26.96 to 2296.

A pleasant change from recent weak economic data, new-home sales jumped 23.6% in June from the previous month, much better than the 3.7% gain expected by forecasters.
Two weeks into earnings season, results leave traders optimistic. With nearly half of the companies in the S&P 500-stock index having reported earnings by Friday’s close, almost three fourths beat operating estimates from S&P and analysts’ sales estimates.

The dollar slipped against the euro and the yen, with the U.S. Dollar Index, which tracks the U.S. currency against a basket of six others, off 0.5%. The euro hovered just below the $1.30 level, trading at $1.2989, up from $1.2916 late Friday. Treasuries edged lower, pushing the yield on the 10-year note up to 3.00%. Crude-oil futures slipped slightly, while gold futures also fell.

Today’s Top Performers on the OTCBB

Company	Symbol	Last		Chg	%Chg	Open	High	Low	Vol
Astrotech Corp.	ASTC	1.83		0.54	41.86%	1.32	1.93	1.32	2.3 m
Trico Marine Servi	TRMA	0.87		0.21	31.82%	0.70	0.95	0.64	1.31 m
CombiMatrix Corp.	CBMXW	0.25		0.057	29.53%	0.25	0.25	0.25	1,000
First Financial Ba	FFBCW	7.98		1.63	25.67%	6.93	7.98	6.43	22.98 k
Seanergy Maritime	SHIPW	0.05		0.01	25.00%	0.048	0.05	0.045	105 k
Authentidate Holdi	ADAT	0.70		0.13	22.81%	0.58	0.71	0.58	124.44 k
Pacific Ethanol In	PEIX	0.54		0.098	22.17%	0.43	0.54	0.43	5.81 m
Pacific Capital Ba	PCBC	0.8777		0.1577	21.90%	0.73	0.885	0.72	3.02 m
ONYX Pharmaceutica	ONXX	26.04		4.54	21.12%	23.81	26.19	23.27	9.21 m
VisionSciences Inc.	VSCI	1.33		0.23	20.91%	1.12	1.53	1.0701	1.11 m

Monday’s Newsmakers:

Mission Oaks Bancorp Raises $7 Million in New Capital

Jul. 26, 2010 (Business Wire) — Mission Oaks Bancorp, Inc. (OTCBB:MOKB), whose principal subsidiary is Mission Oaks National Bank, announced the successful completion of the sale of $7 million in new common stock under the terms of a private placement offering that closed on July 26, 2010. The shares were sold for $4 per “unit.” Each unit included four shares of common stock and a warrant that entitles the investor to purchase an additional share for $1 per share in 2013. Mission Oaks Bancorp plans to use the proceeds to bolster the capital of Mission Oaks National Bank.

“I am pleased to report that we were able to successfully raise the full $7 million that we were seeking,” said Gary Votapka, president and chief executive. “The last few years have been very difficult for community banks, especially for those in the Inland Empire. It is gratifying to know that the directors, shareholders and new investors who purchased our stock are confident that we will be able to continue to play a role as one of the dominant independent banks in our market.”

On a pro forma basis reflecting the offering and Mission Oaks National Bank’s existing capital on June 30, 2010, the bank’s Tier I Capital ratio would have been 10.60 percent and its Total Risk Based Capital ratio would have been 16.18 percent. Both of these ratios significantly exceed the respective 9 percent and 12 percent ratios required under a consent order that Mission Oaks signed on May 12, 2010, with its primary regulator, the Office of Comptroller of the Currency.

“Nearly every community bank in Southern California is under some form of regulatory agreement, and many of them call for additional capital to be raised,” Votapka explained. “We are one of the few companies that have successfully done that.”

“The banking regulators play an important role in oversight of banks in a negative economic climate like the one we are in,” stated Mission Oaks Chairman Robert Knogge. “They work to develop agreed upon strategies with their bank constituents to quickly and appropriately restore the health of those banks that have been most seriously affected. The Inland Empire was probably hit the hardest, in terms of economic damage, of all of Southern California. Our customers have been hurt and to the extent we serve those customers, we are affected too. It’s been a tough period to endure.”

Mission Oaks National Bank is a federally chartered community bank that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through four full-service branch offices in Temecula, Lake Elsinore and Fallbrook.

Mission Oaks Bancorp common stock is traded over the counter under the stock symbol MOKB.OB. For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com.

Safe Harbor

Certain statements in this press release, including statements regarding the anticipated development and expansion of Mission Oaks’ business, and the intent, belief or current expectations of Mission Oaks, its directors or its officers, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank’s performance, regulatory matters and those discussed in filings by the Bank with the Office of the Comptroller of the Currency and by Mission Oaks with the Federal Reserve Board.

Source: Business Wire (July 26, 2010 – 2:52 PM EDT)        
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