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BANK OF COMMERCE ANNOUNCES DIVISION RELOCATION

REDDING - Bank of Commerce Holdings, parent company of Bank of Commerce Mortgage, an affiliate of Redding Bank of Commerce and Roseville Bank of Commerce, has relocated its corporate mortgage division to 1024 Mistletoe Lane in the Northern California community of Redding.

Bank of Commerce Holdings, with administrative offices in Redding, California, is a financial service holding company that owns Redding Bank of Commerce, Roseville Bank of Commerce, a division of Redding Bank of Commerce and Bank of Commerce Mortgage, an affiliate of Redding Bank of Commerce and Roseville Bank of Commerce.
 
The Company is a federally insured California banking corporation and opened on October 22, 1982.
 
IMF GRANTS TURKEY DRAW DOWN
    
WASHINGTON, DC - The International Monetary Fund has praised Turkey's economic performance under a $19 billion loan program, but said the country's current account gap needs to be carefully monitored.

The IMF board approved the eighth review of the program that enables Turkey to draw down on $661 million of the loan, agreed in 2001 to help restore confidence amid a financial crisis.

The approval brings to $17 billion the total released under the program, which expires in February 2005.

According to the IMF, Turkey's rapid growth was likely to exceed this year's 5% target.
 
Turkey's current account deficit - considered the broadest measure of the country's trade and financial obligations with the rest of the world - exceeded the government's target for the full year in the first five months of 2004, climbing to $8.881 billion by the end of May.

Fast industrial growth and robust demand for consumer products are responsible for the widening trade and current account deficits, reviving memories of the 2001 crisis which slashed national income by almost 10%.

Turkey has reportedly not made up its mind whether to seek a new IMF program after February, saying it would make that decision by next month. The country is currently working on a medium- term economic plan that would be discussed with the fund before the autumn.

Pensions are one of the biggest burdens on Turkey's budget. The country will spend around $11.41 billion on pensions in 2004, or about 12% of its total gross national product.

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