Regal Financial In the News

REGAL MEDIA
NEWSROOM: www.regalfinancialbank.com

FOR IMMEDIATE RELEASE

20 October 2007

KENT, WASHINGTON – Seventy percent of all businesses with a Kent zipcode are often under serviced by banks in the area, according to Jesse T. Tam, president and chief executive officer of $135 million dollar Regal Financial Bank. “There are more than 5,000 businesses registered in the community, of which 70 percent are small to medium sized businesses who are not getting what they deserve in terms of financial services,” said Tam as Regal Financial Bank held its grand opening of its Kent branch at the Great Wall Mall today.

Flanked by officials from the state, including former governor Gary Locke, Lieutenant Governor Brad Owens and U.S. Representative Dave Reichert, Tam said many of the banks in Kent are clustered downtown or along Kent’s East Hill area. “They are focused on large businesses and people with a high net worth and they are doing a good job of it,” he said. “However, there is a larger segment out there that are being ignored and Regal Financial Bank plans to fill the void.”. Tam said the bank is locating its retail branch in a strategic location, the Great Wall Mall, an Asian-themed shopping center on East Valley Highway and the center of light industrial businesses.

The mall has a high volume of foot traffic and will serve as a springboard for its outreach to commercial businesses in the area, including serving a niche segment of Asian consumers.

“I believe small businesses are the backbone of the economy and we have done well serving this group out of our main offices in Seattle. We will continue to do so as we expand here in Kent,” he said.

Regal Financial Bank is uniquely qualified to handle small businesses because of its technology which provides secure online banking services. New technology allows Regal Financial Bank customers to make check deposits safely and securely from a personal computer any time of the day or night from almost anywhere in the world where there is an Internet connection. The bank has also provides FDIC protection for up to $50 million dollars under its CDARS program, which help businesses with cash management. “About the only thing you’ll ever need to come into the bank for is to make a cash deposit,” said Tam.

The bank has also developed a reputation for working with the Asian community. Government data estimates that 20 percent of all Asian immigrant families do not have access to banking services. The reasons range from distrust of banking institutions to discomfort of waiting in line in a sterile environment. The bank’s diverse staff can conduct business in more than a dozen languages.