CapitalSource Bank, a financial investment company based in Los Angeles, will be opening a new retail store in Seal Beach June 4, while closing its office in Long Beach.
Opening a branch on the 13000 block of Seal Beach Boulevard will allow CapitalSource to represent its customers in the surrounding Seal Beach area, including Long Beach, Los Alamitos and Huntington Harbor.
As a subsidiary of CapitalSource Inc., CapitalSource Bank has come off a year marked by increasing profits. In 2011, the bank experienced a deposit growth of $504 million and new loan production of $2.5 billion. It expects a similar turnout by the end of 2012.
“The substantial increases in our deposits and loan production in 2011 and our performance to date in 2012 indicate our growth strategy is working,” said Tad Lowrey, CEO of CapitalSource Bank. “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.”
CapitalSource Bank’s total deposits have reached $5.3 billion after receiving a $224 million increase during the first quarter of 2012, Lowrey said. This expansion to Seal Beach hopes to add to these numbers.
Parent company CapitalSource Inc. offers 21 retail branches throughout southern and central California and acquired $8.3 billion in total assets by the end of this year’s first quarter.
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