CapitalSource Bank, a wholly-owned subsidiary of CapitalSource Inc. (NYSE:CSE), announced that on June 4, it will open a new retail office in Seal Beach while closing its Long Beach office.
By entering the Seal Beach market, CapitalSource Bank will serve the immediate Seal Beach community and its existing Long Beach customers. Additionally, the new location is centrally located to the surrounding areas of Los Alamitos and Huntington Harbor. The new office will be located at 13962 Seal Beach Boulevard.
CapitalSource Bank, founded in 2008 and currently the 13th largest bank in California based on total assets, is coming off a year of increased profitability with deposit growth of $504 million and new loan production of $2.5 billion. By continuing to leverage its national specialty lending platform and efficient deposit gathering network in southern and central California, the company expects to achieve minimum loan growth of 15 percent and deposit growth of at least $500 million for 2012.
According to CapitalSource Bank CEO Tad Lowrey, “The substantial increases in our deposits and loan production in 2011 and our performance to date in 2012 indicate our growth strategy is working. Our customers want the security of knowing their FDIC-insured deposits are being held by a healthy and profitable bank, and we work hard to earn and retain that reputation. Our deposit base continues to grow—with total deposits of $5.3 billion after increasing deposits by $224 million in the first quarter of this year. The addition of the Seal Beach office allows us to bring our competitive deposit product mix to new customers and to expand our reach.”