LA JOLLA, Calif., Sept. 16, 2019 (GLOBE NEWSWIRE) -- Private Bancorp of America, Inc. (OTCQX:PBAM) (“Company”) and its wholly-owned subsidiary, CalPrivate Bank (“Bank”), have concluded that the Bank will record a $9.5 million specific loan loss provision and related charge-off with respect to the Bank’s share of the principal amount outstanding under a line of credit. The total principal amount of the line of credit is $12.5 million and a participating bank holds the remaining $3 million share. The line of credit was initially extended by the Bank in September 2015 to a borrower engaged in the financing of California liquor licenses. The loan documentation provides for advances to liquor license escrow accounts held at a third party escrow company to finance the borrower’s business of making short term loans to parties seeking to acquire California liquor licenses. The line of credit is guaranteed by ANI Development, LLC (“ANI”) and Gina Champion-Cain (“Champion-Cain”), who controls ANI, as well as by certain other parties related to the borrower.
Private Bancorp of America, Inc. Reports Specific Loan Loss Provision
Sep 16, 2019
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