The bank’s rise in deposits highlight a rapid pace of expansion, as it was founded as recently as December 2007, the firm said in a statement yesterday.

"Not only are we proud to have achieved these growth results, but having done so in this economic environment, while maintaining no non-performing assets and growing with all core deposits, is a testament to our strong credit culture and our proven business model," said the bank's President Jon Wilcox.

The firm had total loan commitments of $188.3 million, compared to $108.6 million at year end 2008, an increase of 73.4 per cent.