City National Provides South Coast Baking with $10 Million Loan to Fund The Irvine-Based Company’s Growth and Expansion
June 18, 2014
IRVINE, CA – City National Bank, California’s Premier Private and Business Bank®, today announced that it has funded a credit facility totaling $10 million to the South Coast Baking Company headquartered in Irvine. The company is upgrading its Irvine facilities with new, state-of-the-art equipment, including automated bulk sugar and flour silos, and a packaging palletizer system that will provide meaningful and ongoing savings.
The Orange County-based manufacturing company, which is located at 1722 Kettering Street in Irvine, is also using a portion of the funds for leasehold improvements of a new 104,000 square foot facility being renovated in Springdale, Arkansas. The new Arkansas facility will employ 150 people and provide South Coast Baking with greater efficiencies and cost-savings for its East Coast business. The Irvine facilities total more than 46,000 square feet and employs over 100 people.
South Coast Baking Company is best known for the production and distribution of frozen cookie dough and currently distributes its products to more than 38 countries. Domestically, the company is the exclusive frozen cookie dough producer for Broomfield, Colorado-based Mrs. Fields. It is also a major supplier for Bentonville, Arkansas-based Sam’s Club as well as other leading QSR Restaurants and Foodservice Distributers. South Coast Baking has been honored as a Supplier of the Year by both Sam’s Club and Mrs. Fields.
“We are very excited to have City National Bank as our new banking partner,” said Kent Hayden, CEO of South Coast Baking. “As we embark upon our future growth and expansion plans, we can’t think of another financial partner that could be as responsive and supportive of this new phase of our company’s history. City National has the financial solutions and expertise that we were looking for in a bank, and they have delivered every step of the way to where we’re at today.”
City National offers a full array of Commercial Loan Products such as Construction, Business Equipment and Machinery, Tenant Improvement, Working Capital, SBA 504 and 7A, Unsecured Small Business Loans, and more. The bank also has a robust International Banking Group that helps companies like South Coast Baking with trade finance, foreign exchange, letters of credit and much more.
“South Coast Baking is a great success story of ingenuity and hard work,” said Craig Caliger, senior vice president and manager of City National’s Commercial Banking Services group in Orange County. “We have forged a great relationship with Kent and his management team at South Coast Baking. They understand the value City National brings to this relationship and the vast resources we have to help them be more successful as they grow and expand in Orange County and throughout the country.”
South Coast Baking is a wholesale manufacturing company in the frozen dough industry. The Company generated $56 million in revenue last year, which was a 55 percent increase over 2012. The company expects to generate over $100 million in revenue this year. The management team of South Coast Baking, which consists of Kent Hayden, CEO, Richard Ptak, COO, and James Bergeson, CFO, has over 60 years of experience in the manufacturing and food distribution business. To learn more about South Coast Baking Company, visit the company’s website at www.southcoastbaking.com.
About City National
City National Corporation (NYSE: CYN) has $29.7 billion in assets. The company’s wholly owned subsidiary, City National Bank, provides banking, investment and trust services through 77 offices, including 16 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. City National and its investment affiliates manage or administer $66.4 billion in client investment assets, including $46.4 billion under direct management.
For more information about City National, visit the company’s Website at cnb.com.