Despite the economy, Torrey Pines Bank continues to report strong growth and excellent asset quality.
The local commercial bank has seven offices throughout San Diego County, including one in Carlsbad. It is a subsidiary of Western Alliance Bancorporation, which has more than $5 billion in assets and is one of the largest regional holding companies.
Torrey Pines Bank was founded in 2003 with $20 million in initial capital and became profitable in its eighth month of operation. It is one of the top 10 largest banks of the 109 that opened in 2003 and is the largest of all California chartered banks that opened that year.
Last June, Torrey Pines grew to $755 million in assets, a $144 million increase from one year ago. As of June 30, loans grew to $607.6 million, up 39.6 percent from one year ago and deposits grew to $539.9 million, up 19.4 percent from March 31.
Net income increased 32 percent to $2.78 million in 2008, up from $2.11 million for the first half of 2007. These financials do not include the results of PartnersFirst, a separately managed division of Torrey Pines.
Three years ago, the bank began actively lowering loan to value ratio requirements and addressing problem loans early in anticipation of changes in the economy. Gary Cady, president and CEO of Torrey Pines, attributes its success to hiring top executives, providing innovative and personalized services, the backing of Western Alliance and its foresight to plan for changes in the market.
The Carlsbad Business Journal interviewed Cady about the successful company, which has more than 120 employees.
CBJ: What is your professional background?
Cady: I am a long-time San Diego resident with 30 years in the banking industry. Before Torrey Pines Bank, I was vice president and head of business banking and senior vice president and regional manager for San Diego and Riverside counties for two other local banks.
CBJ: What is the company's background and history?
Cady: Torrey Pines Bank was organized in 2003 to meet the unmet banking needs of the business and professional community. We offer a broad array of products and services, which are delivered by veteran local bankers who understand the San Diego market.
CBJ: What is the company's philosophy and mission?
Cady: Our mission is to serve San Diego with a bank that is managed locally by experienced professionals who offer unparalleled personal service and market expertise. Our vision is to be THE business bank of San Diego County. As a proactive and results-oriented institution, our company tagline is aptly phrased: “Torrey Pines Bank, where business gets done.”
CBJ: What services does your bank provide?
Cady: We primarily offer deposit and lending products and services via sophisticated cash management systems. We offer a host of ancillary products too, including wealth management services, equipment leasing and credit cards. We also offer collaborative support to our clients on a variety of business issues.
CBJ: What is unique about the company?
Cady: Maybe every company says this, but I believe this to be true of our team, we bring a quality level of service combined with knowledge that you gain only through experience.
CBJ: What is your greatest accomplishment in business?
Cady: Taking the risk to start Torrey Pines Bank with Robert Sarver.
CBJ: What do you see for the future of the bank?
Cady: Our immediate goal is to reach $1 billion in assets and to continue to be a safely managed institution. In anticipation of this milestone, our next goal is to become a $2 billion bank as quickly as we can while employing the same, if not better, approach for serving our customers.
CBJ: Is there anything else you would like to add?
Cady: The lessons we are learning today in this economic transition edify that the fundamentals are important. Understanding your customers, employees and the role your company plays in the marketplace are basic principles that need to be adhered to in order to compete and win in today's complex economy.
For more information, call (760) 444-8400 or visit www.torreypinesbank.com.
The local commercial bank has seven offices throughout San Diego County, including one in Carlsbad. It is a subsidiary of Western Alliance Bancorporation, which has more than $5 billion in assets and is one of the largest regional holding companies.
Torrey Pines Bank was founded in 2003 with $20 million in initial capital and became profitable in its eighth month of operation. It is one of the top 10 largest banks of the 109 that opened in 2003 and is the largest of all California chartered banks that opened that year.
Last June, Torrey Pines grew to $755 million in assets, a $144 million increase from one year ago. As of June 30, loans grew to $607.6 million, up 39.6 percent from one year ago and deposits grew to $539.9 million, up 19.4 percent from March 31.
Net income increased 32 percent to $2.78 million in 2008, up from $2.11 million for the first half of 2007. These financials do not include the results of PartnersFirst, a separately managed division of Torrey Pines.
Three years ago, the bank began actively lowering loan to value ratio requirements and addressing problem loans early in anticipation of changes in the economy. Gary Cady, president and CEO of Torrey Pines, attributes its success to hiring top executives, providing innovative and personalized services, the backing of Western Alliance and its foresight to plan for changes in the market.
The Carlsbad Business Journal interviewed Cady about the successful company, which has more than 120 employees.
CBJ: What is your professional background?
Cady: I am a long-time San Diego resident with 30 years in the banking industry. Before Torrey Pines Bank, I was vice president and head of business banking and senior vice president and regional manager for San Diego and Riverside counties for two other local banks.
CBJ: What is the company's background and history?
Cady: Torrey Pines Bank was organized in 2003 to meet the unmet banking needs of the business and professional community. We offer a broad array of products and services, which are delivered by veteran local bankers who understand the San Diego market.
CBJ: What is the company's philosophy and mission?
Cady: Our mission is to serve San Diego with a bank that is managed locally by experienced professionals who offer unparalleled personal service and market expertise. Our vision is to be THE business bank of San Diego County. As a proactive and results-oriented institution, our company tagline is aptly phrased: “Torrey Pines Bank, where business gets done.”
CBJ: What services does your bank provide?
Cady: We primarily offer deposit and lending products and services via sophisticated cash management systems. We offer a host of ancillary products too, including wealth management services, equipment leasing and credit cards. We also offer collaborative support to our clients on a variety of business issues.
CBJ: What is unique about the company?
Cady: Maybe every company says this, but I believe this to be true of our team, we bring a quality level of service combined with knowledge that you gain only through experience.
CBJ: What is your greatest accomplishment in business?
Cady: Taking the risk to start Torrey Pines Bank with Robert Sarver.
CBJ: What do you see for the future of the bank?
Cady: Our immediate goal is to reach $1 billion in assets and to continue to be a safely managed institution. In anticipation of this milestone, our next goal is to become a $2 billion bank as quickly as we can while employing the same, if not better, approach for serving our customers.
CBJ: Is there anything else you would like to add?
Cady: The lessons we are learning today in this economic transition edify that the fundamentals are important. Understanding your customers, employees and the role your company plays in the marketplace are basic principles that need to be adhered to in order to compete and win in today's complex economy.
For more information, call (760) 444-8400 or visit www.torreypinesbank.com.