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An internal review of the Bank's merchant bankcard processing records identified an accounting problem. It was determined that not all expenses related to transaction fees were properly reported, resulting in an overstatement of net income. Outside auditors deemed the accounting problem was solely linked to this one area. "We take our responsibility to safeguard the accuracy and integrity of our financial reporting very seriously," said Tamara Gurney, Mission Valley Bank's president and CEO. "Upon discovery of this systems error, we immediately began working with an expert team of outside consultants and auditors. This team has confirmed this to be an isolated incident and have assisted us in implementing additional internal controls to further ensure accurate financial reporting." Mission Valley Bancorp also will report its year-to-date results through September 30th showing a net loss of $564,000. This loss, which is the first in the past eight years, is the result of the Bank's need to increase reserves to cover possible loan losses. During the first nine months of 2009, the Bank increased its loan loss reserves by $3.66 million. "In this economic climate, increasing reserves for possible loan losses is prudent. We sincerely believe that the majority of issues within the Bank's loan portfolio are well collateralized, short term and resolvable. As we work through these issues with our clients, we anticipate the need for additional provisions for possible loan losses may be reduced, and could result in increases to net income in 2010," Gurney said. "It is important to note that despite these challenges Mission Valley remains well-capitalized with strong revenue generation, resulting in Net Operating Income of $2.2 million through September 2009 as compared to $946,000 for the same period last year (before extraordinary income and expenses, taxes and the provision for potential loan losses) representing a 133% increase over the previous year, further demonstrating the ongoing strength of the organization." About Mission Valley Bank Mission Valley Bank is a full-service, independent, commercial bank specializing in the banking needs of small to medium businesses in the San Fernando & Santa Clarita Valleys. The Bank was chartered in July 2001, with a vision of local ownership and a commitment to providing financial solutions to meet the needs of its clients. Forward-looking statements: Certain matters discussed in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based upon current management expectations and, therefore, are subject to certain risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed, suggested, or implied by the forward-looking statements. Forward-looking statements are effective only as of the date that they are made and Mission Valley Bank assumes no obligation to update this information. www.MissionValleyBank.com SOURCE Mission Valley Bancorp http://www.missionvalleybank.com For full details for MVLY click here.
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