1st Century Bancshares, Inc. operates as the bank holding company for 1st Century Bank, National Association that provides commercial banking services. In addition to a full service branch in Century City, the company has relationship offices in Santa Monica and Beverly Hills, California. The company’s primary focus is relationship banking to family and closely held middle market businesses, professional service firms, and high net worth individuals, real estate investors and entrepreneurs. The company also provides a range of banking services to meet the financial needs of the local residential community, with an orientation primarily directed toward owners and employees of its business client base. Market Area The general market area that the company serves is loosely defined as La Cienega Boulevard to the east, the Santa Monica Mountains to the north, the Pacific Ocean to the west, and the Los Angeles International Airport to the south. Target Customers The target market for the company’s products and services is those middle market business and professional firms with basic borrowing needs between $250,000 and $5,000,000 and/or with the need for non-credit services, including operating account services and cash management needs. Within the professional services markets, the company has made loans to and attracted deposits from law firms, medical practices and individual physicians, business management and accounting firms, real estate professionals, managers and investors and other family and closely held corporations. The company also supplies credit and depository services to meet the personal needs of their principals, families and employees. Loans The company offers business and personal lines of credit and term loans; tenant improvement and equipment financing; bridge and/or specific purpose loans; commercial, industrial, multi-family and 1-4 single family residential real estate lending; personal home equity loans and lines of credit; and credit cards for business and personal use. Investment Securities As of December 31, 2014, the company’s investment securities included U.S. treasuries and government agencies; corporate notes; and residential mortgage-backed securities. Deposits The company offers business checking, money market and certificates of deposit; personal checking, money market and certificates of deposits; attorney-client trust accounts; trust accounts; cash management and online banking; and debit cards. Supervision and Regulation The company is registered with the Board of Governors of the Federal Reserve System as a bank holding company under the Bank Holding Company Act of 1956, as amended. The bank is subject to both the regulation of, and periodic examinations by the Office of the Comptroller of the Currency (the ‘OCC’), which is the bank’s primary federal regulatory agency. In its examination by the OCC in 2014, the bank received a Community Reinvestment Act rating of ‘Satisfactory’. The deposits of the bank are insured up to applicable limits by the deposit insurance fund of the FDIC and are subject to deposit insurance assessments to maintain the deposit insurance fund. The bank is a member and stockholder of the capital stock of the Federal Home Loan Bank of San Francisco. The company is subject to the disclosure and regulatory requirements of the Securities Act of 1933, as amended; and the Securities Exchange Act of 1934, as amended, both as administered by the U.S. Securities and Exchange Commission. The company is also subject to the Sarbanes-Oxley Act of 2002 and other federal and state laws and regulations, which address, among other issues, required executive certification of financial presentations, corporate governance requirements for board audit committees and their members, and disclosure of controls and procedures and internal control over financial reporting, auditing and accounting, executive compensation, and enhanced and timely disclosure of corporate information. History 1st Century Bancshares, Inc. was founded in 2003.
1st century bancshares inc
(FCTY:Consolidated Issue listed on NASDAQ Capital Market)
1875 Century Park East
Los Angeles, CA 90067
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To contact 1ST CENTURY BANCSHARES INC, please visit www.1stcenturybank.com. Company data is provided by Capital IQ. Please use this form to report any data issues.