Mission Valley Bank is putting the bank in Burbank.

With its official launch in October, Mission Valley’s new Burbank branch serves as a milestone in growing the bank’s footprint. It’s also a way to navigate the impacts of the recent high-interest rate climate, says Chief Executive and President Tamara Gurney.

Gurney says that Mission Valley, like most banks right now, is focusing on remedying its liquidity.

“The solution is expanding geographically to new markets where you can tap into deposits,” Gurney says, adding that MVB is considering expanding in the San Gabriel Valley, Hawthorne, Gardena and El Segundo in addition to Burbank.

Breaking into Burbank

As a community bank, it’s important for Mission Valley to connect with the city.

Joining the Burbank Chamber of Commerce is one way to learn more about Burbank’s landscape and get connected with the city’s business leaders, Gurney says.

“We’re trying to make our presence feel known in Burbank… Our branch is actually going to have a mural on the inside wall of the history of Burbank, all the milestones in the city’s growth,” she adds.

At the branch’s grand opening in October, notable Burbank community members and leaders came out to celebrate including Vice Mayor Nikki Perez, many members of the Burbank Chamber and Greg Martayan, vice president of the Valley Economic Alliance.

With 1,960 square feet of branch space and 9,590 square feet of administration space, the Burbank location has an industrial feel with an exposed ceiling and pops of Mission Valley blue throughout.

Gurney says the bank is also considering creating a help center in the location to assist customers with getting set up with online banking. While investing in online platforms can streamline certain services, Gurney still finds meaning in having physical branches for MVB clients.

“From the feedback we get from our clients and even prospects, they want to know where they can go to talk to somebody. And so they may use, and likely do use, the electronic channels most of the time, but when you want to discuss a loan opportunity or get some advice from your banker, you want to go in and sit down,” Gurney says.

MVB eyes key loan products

Mission Valley has seen its profits increase which Gurney attributes to two main initiatives.

“We’re laser focused on two loan products: SBA, because we can make those loans and immediately sell them into the secondary market and get our liquidity back. That’s a huge profit center … and the other one is accounts receivable,” Gurney says.

Last year, the bank did $120 million in SBA loans and about $750 million in conventional loans. For a $650 million bank, Gurney says “that’s huge,” calling Mission Valley’s growth “significant.”

Gurney says she differentiates Mission Valley from larger, national banks and finds a competitive edge with other community banks. 

“We are very unique, even among community banks – and our regulators will tell you that – because we have a risk appetite,” Gurney says.