FOR IMMEDIATE RELEASE April 28, 2004
Linda Formella (202) 565-3200
WASHINGTON, D.C.: Guaranty Bank of California, based in West Los Angeles, Calif., has been named the 2004 Regional Bank of the Year for the western region by the Export-Import Bank of the United States (Ex-Im Bank). The bank received the award at Ex-Im Bank's 2004 annual conference today in Washington, D.C.
Guaranty Bank of California ranks among the top Ex-Im Bank delegated authority lenders in the West region. Ex-Im Bank delegated authority lenders can commit Ex-Im Bank's guarantee of working capital loans to U.S. exporters. In 2002, the bank was the number one provider of Ex-Im Bank-guaranteed working capital loans in California and in 2003 was the fifth most active provider of this financing nationwide. The bank also uses Ex-Im Bank's export letter of credit policy and provides Ex-Im Bank-supported medium-term financing. The bank engages in active outreach from four locations: Monterey Park, West Los Angeles, Westminster and Walnut, Calif.The bank's Web site is http://www.guarantybankofcalifornia.com
Guaranty Bank of California is the one of Ex-Im Bank's most active regional bank lenders. As an Ex-Im Bank delegated authority lender, the bank provides small businesses with the funds they need to prepare products or services for export, Ex-Im Bank Chairman Philip Merrill said. Guaranty Bank of California has done an outstanding job of using our working capital guarantees and insurance to help small companies in California to grow through exporting.
This is our bank's focus - to help small and medium-sized businesses grow their companies through exporting. We appreciate the wonderful support that we receive from Ex-Im Bank to help us provide export financing to our customers, said Annie Pan, executive vice president of Guaranty Bank of California.
Ex-Im Bank's 29th annual conference on April 29 and 30, at the Omni Shoreham Hotel in Washington, D.C., will include speeches by Treasury Secretary John Snow, Commerce Secretary Donald Evans, and others. It will also feature specialized workshops and exhibits on export finance and trade to help U.S. exporters expand their sales to foreign markets. In conjunction with the conference, Ex-Im Bank recognizes several companies each year for their high level of activity to increase U.S. exports through use of Ex-Im Bank programs.
Ex-Im Bank this year marks its 70th year of helping finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank and its annual conference, visit www.exim.gov.