To our clients, partners and friends,
I wanted to reflect on our journey together now that I’ve completed my first five years at CBC, to recap our successes and highlight the work that is still in progress.
From the beginning, our goal has been to build a purpose-driven company where profitability is a byproduct of our efforts, not the reason for them. Very few people have embarked on this path, and it’s difficult – but we’re determined to promote trust and inspiration from the top, down and on to our clients. Every day we’re holding each other accountable and creating life wealth for us all. My focus is and will continue to be more on how things are done, not just that we achieve results – and I’m excited to see how we all transform in 2019.
In the last five years, we also sought to build a $1 billion dollar bank with financial performance ranked among the best in our peer group. This milestone is a work in process, but we’re well on our way!
Some of our achievements over the last few years include:
- Increased our profits by a factor of ten between 2012 and 2018
- Quadrupled the size of our bank, from $199MM in 2013 to $980MM in 2018
- Opened three new offices: Anaheim, Downtown Los Angeles and North Hollywood
- Achieved monthly pretax profits of $1,000,000 or more for most of 2018
- Added two new Market Presidents, a Payments Executive and Chief Risk Officer
- Added 45 new staff members in 2018 – and more than 30 of those people were hired due to expansion of the company and our product offerings
We also added a fintech company to our family – VeriCheck is a provider of ACH services based in Atlanta. VeriCheck processes $2 billion in ACH transactions to the tune of 900,000 transactions per month.
VeriCheck is a key component to help us achieve our goal of building the next generation of payments processing solution. In 2019, we will continue to invest in research and development of fintech tools and partners that will help meet our clients’ needs in ways they didn’t even know possible.
We are moving away from a being known as a traditional bank and transforming into a diversified financial services and technology company.
There is much to celebrate over our first five years together, but none of this would have been possible without the hard work of our team members and, most importantly, the support of our clients, partners and friends. For that we are grateful, honored and humbled.
Cheers to the new year, and may 2019 be a transformative year for you.