Promerica Bank reported audited earnings results for the full year ended December 31, 2008. For the period, the company reported net loss of $2,857,000 or $1.04 per basic and diluted share on net interest income of $2,988,000 against net loss of $2,878,000 or $1.04 per basic and diluted share on net interest income of $2,045,000 for the same period a year ago. The company also reported pre-tax net loss of $2,856,000 against pre-tax net loss of $2,878,000 for the same period a year ago. The company also reported total interest income of $4,013,000 against total interest income of $2,578,000 for the same period a year ago. The loss for the year ended December 31, 2008 included the recognition of $311,000 of stock based compensation expense as required by SFAS 123R, which required the expensing of the value of stock options granted. The company announced the appointment of Stephen M. Rolfe as Executive Vice President and Chief Credit Officer effective February 23, 2009. He join Frank Smith who continues to serve Promerica Bank as the Chief Financial Officer.

Promerica Bank announced the selection of John H. Quinn as new President and Chief Executive Officer, effective February 23, 2009. The appointment was recently approved by Promerica Bank's Board of Directors and has also received regulatory approval. Mr. Quinn was a successful Chief Executive Officer at Security Pacific Asia Limited, Security Pacific Asian Bank, N. A., and Olympic National Bank. He worked extensively on new customer acquisition efforts and effective team leadership. He also served as the Chief Executive Officer of Childrens Hospital Los Angeles Foundation, the Verdugo Hills Hospital Foundation and the Big Brothers Big Sisters of Greater Los Angeles and Inland Empire.

Promerica Bank reported earnings results for the third quarter and nine months ended September 30, 2008. For the quarter, the company reported net loss of $894,000 or $0.33 per share on total interest income of $1,054,000 against net loss of $661,000 or $0.24 per share on total interest income of $1,032,000 for the same period a year ago. For the nine months, the company reported net loss of $803,000 or $0.29 per share on total interest income of $961,000 against net loss of $640,000 or $0.23 per share on total interest income of $738,000 for the same period a year ago. The company also announced that Scott A. Montgomery has joined the Bank as Interim Chief Executive Officer and President and that Stephen Rolfe has joined the Bank as Executive Vice President and Chief Credit Officer. Mr. Montgomery has a track record of providing strong leadership and enhanced business development activities. He comes to Promerica with over 40 years of banking experience and over 25 years of experience as a CEO. Mr. Rolfe comes to the Bank with over 30 years of banking and credit administration leadership,' stated Contreras-Sweet.