Fresno First Bank Named to the 2017 Inc. 5000 List of Fastest-Growing Companies in America

FRESNO, Calif., Aug. 22, 2017 -- Fresno First Bank (the “Bank”), the subsidiary of Communities First Financial Corporation (OTCQX:CFST), today announced that it has been ranked as one of America’s fastest-growing private businesses by Inc. magazine’s 36^th annual Inc. 5000.  The list represents some of the most successful companies within the American economy’s most dynamic segment of independent small and midsized businesses.

“We are excited to be recognized as one of the fastest-growing companies in America.  There were eleven companies honored in the Fresno-Visalia-Porterville market, and the heart of California’s Central Valley.  We were the only financial services company in Fresno to make the cut,” said Steve Miller, President and Chief Executive Officer.  “What sets us apart is that our substantial growth over the last 3 years has been achieved organically, not through acquisitions.”  Fresno First Bank earned this recognition for generating 2016 revenue of $14.2 million, which reflects a 3-year growth rate of 55%. 

The annual Inc. 5000 event honoring all the companies on the list will be held from October 10 through 12, 2017, at the JW Marriott in Palm Desert.  Complete results of the Inc. 5000, including company profiles and an interactive database can be found at https://www.inc.com/inc5000/list/2017

Communities First Financial Corporation, the holding company of Fresno First Bank, recently announced solid profits for the second quarter and first half of 2017.  Net income was $915,000, or $0.32 per diluted share, an increase of 24% over net income of $737,000, or $0.27 per diluted share, for the second quarter of 2016, and 9% from $837,000, or $0.29 per diluted share, for the first quarter of 2017.  For the first six months of 2017, net income increased 22% to $1.8 million, or $0.61 per diluted share, compared to $1.4 million, or $0.52 per diluted share, for the first six months of 2016. Gross revenue during the first six months of 2017 increased 19% to $8.0 million compared to the first six months of 2016.

About Communities First Financial Corporation

Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of Fresno First Bank, founded in 2005 in Fresno, California.  Fresno First Bank is a leading SBA Bank Lender in California’s Central Valley. The Bank was named by Forbes as one of the Best 25 Small Businesses in America for 2016, and as one of the Inc. 5000 Fastest-Growing Companies in America for 2017.  Additional information is available from the Company’s website at www.fresnofirstbank.com or call 559-439-0200.

     
Contact:
Steve Miller – President & CEO
Steve Canfield – Executive Vice President & CFO
(559) 439-0200