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FCAP, PWRM.OB, FCAL, & FCVA: First Capital Bancorp, Inc. Increases its Allowance for Loan Losses Resulting in a Second Quarter 2010 Loss




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First Capital, Inc. (Nasdaq:FCAP)

First Capital, Inc. is the holding company for First Harrison Bank. First Harrison currently operates thirteen full service offices in the Indiana communities of Corydon (2), Palmyra, New Salisbury, Georgetown, Hardinsburg, Greenville, New Albany (2), Floyds Knobs, Jeffersonville, Salem and Lanesville which provide deposit and lending services to customers in southeastern Indiana. First Harrison also offers online banking and electronic bill payments by accessing the Bank website at www.firstharrison.com.

The Board of Directors of First Capital, Inc. has declared a quarterly cash dividend of $0.19 (nineteen cents) per share of common stock, according to William W. Harrod, President and Chief Executive Officer. This represents a one-cent increase over the dividend paid in the previous quarter. The dividend will be paid on September 30, 2010 to shareholders of record as of September 16, 2010.

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power3

POWER 3 MEDICAL PRODUCTS (OTC BB: PWRM.OB)

PWRM pursues an aggressive intellectual property strategy to protect its inventions and discoveries made on its own and with its collaborators. Power3 Medical works with key physician scientists at major medical research and treatment centers. With access to decisive human clinical samples and superior trade secret proteomic methodologies, the Company provides solutions to pressing challenges in diagnosis and treatment of patients and has concluded research agreements, technology license agreements, and filed provisional and utility patents. Power3 is also adding additional layers of research and license agreements, patent filings, and trade secrets, as its technology and product portfolio develops.

Power3 Medical Products, Inc., a leading proteomics company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases, announced today that it delivered four poster presentations at the 2010 International Conference on Alzheimer's Disease (ICAD) in Honolulu, Hawaii. These presentations discussed NuroPro®, Power3's diagnostic test, and focused on Power3's Alzheimer's disease blood serum biomarkers, test and clinical validation trials.

"In preparation for commercialization, our objective at this meeting was to show how Power3's protein biomarkers and blood tests provide superior solutions for diagnosis and drug response to improve the treatment of Alzheimer's disease," said Dr. Ira L. Goldknopf, Power3's President and Chief Scientific Officer. "It was gratifying to receive substantial attention to our posters from representatives of major pharma and clinical research institutions from around the world. They expressed surprise and enthusiasm for our findings, especially those relating to the methods by which Power3's protein biomarkers indicate how patients respond to treatment with the three major anti-dementia drugs."

"We are pleased that our blood tests specifically diagnose Alzheimer's in patients, both pre- and post-treatment," said Helen R. Park, MS, Chief Executive Officer of Power3, "and that our scientific collaborators, Dr. Marwan Sabbagh, Medical and Scientific Director of the Banner Sun Health Medical Research Institute, and Dr. Lourdes R. Bosquez, President of the Woodlands Behavioral Institute, Inc., presented along with us at the meeting in Hawaii."

"We are within striking distance of realizing an Alzheimer's clinical diagnostic tool which I hope will lead to a greater understanding of the disease and buoy the pace of future therapeutic interventions," added Marwan Sabbagh MD, Medical and Scientific Director of Banner Sun Health Medical Research Institute.

Power3 has filed several patent applications for its NuroPro® technology that are currently pending. Power3 also has a world-wide exclusive license from the Baylor College of Medicine in Houston, Texas. To date, Power3 has given 9 presentations on NuroPro at international scientific meetings in the United States, Europe and China, and has published 6 articles in peer-reviewed scientific journals on the subject. Power3 intends to publish these latest findings as well.

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First California Financial Group, Inc. (NASDAQ:FCAL)

First California Financial Group, Inc. is the holding company of First California Bank. Celebrating 31 years of business in 2010, First California is a regional force of strength and stability in Southern California banking with assets of $1.45 billion and led by an experienced team of bankers. The bank specializes in serving the comprehensive financial needs of the commercial market, particularly small- and middle-sized businesses, professional firms and commercial real estate development and construction companies. Committed to providing the best client service available in its markets, First California offers a full line of quality commercial banking products through 17 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.

First California Financial Group, Inc. today announced that C. G. Kum, President and Chief Executive Officer and Ron Santarosa, Chief Financial Officer, will presenting at the Keefe, Bruyette & Woods 2010 Community Bank Conference in New York City at the Waldorf Astoria Hotel on Wednesday, July 28, 2010 at 11:00 a.m. Eastern Time.

Interested parties may listen to the presentation through a live audio webcast accompanied by the presentation slides by visiting the company's Web site at www.fcalgroup.com. Listeners are encouraged to visit the Web site at least 15 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software. For those unable to listen to the live webcast, the presentation will be archived on the Web site for 60 days following the conference presentation.

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First Capital Bancorp, Inc. (Nasdaq:FCVA)

First Capital Bancorp, Inc. today reported its results from operations for the three and six months ended June 30, 2010.

First Capital Bancorp, Inc. announced a second quarter net loss of $3.5 million or $1.23 per share primarily due to the addition of $6.3 million to the Company's Allowance for Loan Losses reserves. As a result, the Company's Allowance for Loan Losses nearly doubled from $6.8 million at the end of the First Quarter of 2010 to $11.5 million at June 30, 2010 which represents 2.78% of total loans.

John Presley, Managing Director and CEO of First Capital Bancorp stated, "The Company took an aggressive stance to protect against further deterioration of the economy and environmental factors that may affect the loan portfolio in the future. We took this preventative action despite the fact that some of our core metrics in the loan portfolio have shown improvement since the end of the first quarter. Our conservative approach to our reserves also reflects the position of our primary regulator, The Federal Reserve. We believe it is prudent to reflect that sentiment in our loan loss reserves."

 

 

 

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