Plaza Bank of WA Consent Order Terminated

SEATTLE--(BUSINESS WIRE)-- Plaza Bank (OTCBB: PZBW), announced today that it received notification from the Federal Deposit Insurance Corporation and the State of Washington Division of Financial Institutions that, effective June 12, 2015, the Consent Order under which Plaza Bank has been operating since March 17, 2010 was terminated.

President and Chief Executive Officer Mike Paul stated, "I am very pleased to report that after five years our Consent Order has been lifted. The termination of the Consent Order marks another significant milestone for Plaza Bank, reflecting our team's dedication and determination to improving our capital position, asset quality, core deposits and profitability.” Chairman Don Burton stated, “I want to take this opportunity to thank our Board of Directors, shareholders and especially our dedicated staff. I would also like to thank our clients for their continuous support over the years. We realize there is more work to be done and look forward to the future.”

Plaza Bank also appointed Donald Burton, CEO of Evergreen Home Loans, as Chairman of the Board, and Director Mauricio Vivero, President and CEO of the Seattle International Foundation as Vice Chairman. Jordan Hecker has been appointed as a new Director. Mr. Hecker is a principal in a Seattle law firm, Hecker, Wakefield and Feilberg, and has practiced real estate law since 1987.

About Plaza Bank

Plaza Bank is a state chartered commercial bank, headquartered in Seattle, Washington. The bank was founded in 2006 to provide complete commercial banking services for commercial business, professional firms, not for profit organizations and the individuals who make them successful. The bank is uniquely positioned, as a Minority Depository Institution, to serve the growing multicultural small business community of Puget Sound. Plaza Bank trades in the over the counter Bulletin Board (OTCBB) under the ticker symbol PZBW.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150622006134/en/

Plaza Bank
Mike Paul, President and CEO
206-436-7621 or [email protected]

Source: Plaza Bank

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