FOR IMMEDIATE RELEASE

NEWPORT BEACH, Calif - April 20, 2007-- Independence Bank announces a 9% increase in total deposits for the first quarter ending March 31, 2007. The growth was centered in core deposits (91% of the increase) which include checking, savings and money market accounts. Total deposits grew from $187 million at December 31, 2006 to $204 million at March 31, 2007.

"We are extremely pleased with our core deposit growth during the first quarter. The level of growth validates the viability of our product menu and is a tribute to the exceptional service offered by our experienced staff." stated Chuck Thomas, President and CEO. "Also, we opened our Fountain Valley Office in mid January, which is managed by First Vice President Jeanne Hexem. The performance of this office has exceeded our expectation which is a testament to Ms. Hexem and her outstanding staff" added Thomas.

Net income for the quarter increased from $513,000 for the fourth quarter 2006 to $519,000 for the first quarter 2007. This increase was a result of higher 'other income' and a reduction in the amount of loan loss reserve allocation taken during the quarter. Net interest income remained static for the quarter at $1.5 million.

Total assets were $298 million at March 31, 2007, a 4.57% increase from December 31, 2007. The increase was primarily due to an increase in loans outstanding. Total loans increased from $252 million to $265 million for the quarter. The bank reports no delinquent, non-performing or non-accrual loans at March 31, 2007. Additionally, the Bank reports no sub-prime loans in its loan portfolio.

Shareholder equity increased 1.73% to $33.8 million from December 31, 2006 due to growth in net income. Capital ratios remain excellent at March 31, 2007 with tier one capital at 11.7% and total risk based capital at 12.7%, well above the minimum to qualify as well capitalized.

Independence Bank is a full service community bank with offices in Newport Beach, San Juan Capistrano and Fountain Valley California.

Contact Information:

Chuck Thomas, President/CEO
Phone: (949) 266-6000
Fax: (949) 266-6006
Email: cthomas@independence-bank.net

Maria Arakaki, EVP/CFO
Phone: (949) 266-6013
Fax: (949) 266-6006 Email: marakaki@independence-bank.net

Independence Bank
4525 MacArthur Boulevard
Newport Beach, CA 92660

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