Security Pacific Bank Named SBA Preferred Lender

August 8, 2006; 08:50 AM

Security Pacific Bank has been designated by the Small Business Administration as a Preferred ("PLP") Lender, with a higher level of SBA lending process and closing than non PLP lenders. The bank has also announced the opening of its new SBA Division in Fullerton.

In order to qualify for PLP status, banks must demonstrate an established history of successful loan processing and management, and be nominated and approved by the SBA. Security Pacific Bank's SBA Division is managed by Senior Vice President Abraham Pak, a career-long SBA professional. Mr. Pak has brought several seasoned SBA 7(a) and 504 loan underwriters, processors and business development officers to Security Pacific. The dedicated team has more than twenty-five years of combined experience within the SBA lending arena. The SBA Division will expand into areas strategically and will add qualified staff accordingly.

"Mr. Pak's extraordinary experience in the completion of SBA loans was instrumental to the bank receiving this special status," President and CEO Fred Jensen said.

As a Preferred Lender, Security Pacific Bank will be able to process loans faster, with less oversight by the SBA.

"PLP status will allow us to streamline the lending process and provide an enhanced service for small businesses seeking SBA guaranteed loans," Pak explained.

Security Pacific Bank is an FDIC insured institution with offices in Downtown Los Angeles, Westwood, Inland Empire, Orange County, Long Beach, and Fullerton, as well as Administrative Offices in West Los Angeles. Abraham Pak can be reached at the Fullerton SBA Division Office at (714) 515-8100.

Security Pacific Bank also provides an array of commercial real estate lending programs as well as high-yield savings instruments, especially tailored for the business banking community.