Exhibit 99

News Release

First Regional		1801 Century Park East
Bancorp		Century City, California 90067
		Telephone (310) 552-1776
		Facsimile (310) 552-1772

IMMEDIATE RELEASE

FIRST REGIONAL BANCORP REPORTS DISAPPOINTING SECOND QUARTER
RESULTS DUE TO CHALLENGING ECONOMIC CONDITIONS

ANTICIPATES QUICK RETURN TO PROFITABILITY

REMAINS WELL CAPITALIZED

CENTURY CITY, CALIFORNIA – July 24, 2008 – First Regional Bancorp (Nasdaq:FRGB), posted strong core earnings in the second quarter ended June 30, 2008, but significant additions to its loan loss reserve in the challenging real estate environment resulted in a loss for the period and for the year to date.

Reflecting the impact of the economic climate, in the second quarter of 2008 First Regional made a $44.7 million provision to its loan loss reserve and charged off a total of $34.2 million in loans secured by real estate in the recently concluded quarter. These transactions brought the loan loss reserve to $44.2 million, or 1.90% of gross loans, at June 30, 2008. Nonperforming assets as of the same date, consisting of eleven loans, totaled $32.9 million, or 1.41% of gross loans, compared to $17.8 million at March 31, 2008, and just $13,000 on June 30, 2007.

For the three months ended June 30, 2008 the net loss was $18.5 million, equal to $1.46 per diluted share, compared with last year’s second quarter profit of $8.6 million, or 66 cents per diluted share. For the first six months of 2008, the Company’s net loss was $13.8 million, or $1.08 per diluted share, versus a profit of $17.6 million, or $1.35 per diluted share, for the first half of 2007. At June 30, 2008, total assets were $2.472 billion, up 20.1% from $2.058 billion one year earlier. Total deposits grew 21.0% to $1.982 billion from $1.640 billion a year earlier, and net loans posted growth of 21.0% to $2.282 billion from $1.885 billion at June 30, 2007. First Regional continues to exceed all financial ratio requirements under applicable regulations for “Well Capitalized” status, the highest level established by banking regulators.

H. Anthony Gartshore, President and Chief Executive Officer, commented: “Clearly these are challenging times for financial institutions like First Regional, and obviously our results are being adversely affected by these difficult conditions. Despite continuing pressures on the segments of real estate in which we participate, we benefit from having avoided involvement in sub-prime mortgages and other exotic financial instruments which have been particularly hard hit. Our second quarter loan loss provision followed an exhaustive review of our loan portfolio, and reflects our realistic assessment of the economic environment and its impact on collateral values and borrower performance. It should be emphasized that the loan loss provisions we have made relate to only a small number of land and real estate development loans; the vast majority of our loan portfolio continues to be well-secured and to perform as agreed. First Regional’s approach has always been to confront challenges fully, directly, and realistically, and we believe we have accomplished this in the second quarter. Consistent with the conservative and prudent basis on which First Regional has always operated, and especially in light of current economic conditions, we remain highly selective on loan transactions. While we believe we have dealt effectively with our loan problems, the economic future remains

unclear, and additional loan loss provisions will be made if called for by our ongoing analysis of First Regional’s loan portfolio performance and economic conditions in general.”

Mr. Gartshore continued: “First Regional’s long-standing emphasis on capital strength has served us well in this period. It has enabled us to deal realistically with the economic environment while maintaining “well capitalized” capital ratios, the highest standard established by banking regulators. Moreover, our core earnings remain strong. Our assets, deposits, and net loans continue to increase. While operating margins have declined in 2008 due to the Federal Reserve’s actions to reduce interest rates and stimulate the economy, and much uncertainly remains regarding the economic environment in which we operate, we expect First Regional to return quickly to the profitability which has long been its hallmark.

“As we move forward, we will continue to benefit from our skilled and experienced management and our capable and professional staff. These members of the First Regional team have shown the talent and experience to confront the challenges and to capitalize on the opportunities that will doubtless arise as the economy and the credit markets return to health. We will continue to provide our clients with our unmatched level of service and efficient, cost-effective operation.”

Mr. Gartshore concluded: “While we foresee many challenges, we remain confident regarding the future. The current environment has required difficult measures, but they are a necessary step on First Regional’s road forward, and to providing our shareholders with the value they deserve.”

First Regional Bancorp is a bank holding company headquartered in Century City. Its subsidiary, First Regional Bank, specializes in providing businesses and professionals with the management expertise of a major bank and the personalized service of an independent.

This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein may constitute forward-looking statements. Although First Regional believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from First Regional’s expectations include fluctuations in interest rates, inflation, government regulations, and economic conditions and competition in the geographic and business areas in which First Regional conducts its operations.

# # #

CONSOLIDATED STATEMENTS OF CONDITION (UNAUDITED)

	(000’s omitted)
As of June 30	2008			2007

ASSETS:
Cash and due from banks	$	35,084		$	76,508
Federal funds sold	17,145			0
Cash and cash equivalents	52,229			76,508

Investment securities	26,601			31,685
Federal Home Loan Bank stock - at cost	18,532			9,326
Loans - net	2,281,604			1,885,288
Premises and equipment - net	5,320			5,012
Other real estate owned	0			0
Accrued interest receivable and other assets	88,102			50,479

Total assets	$	2,472,388		$	2,058,298

LIABILITIES AND CAPITAL:
Demand deposits	$	398,251		$	416,961
Savings deposits	76,968			58,049
Money market deposits	873,181			938,029
Time deposits	633,352			226,701

Total deposits	1,981,752			1,639,740

Funds purchased	0			0
Federal Home Loan Bank advances	210,000			140,000
Subordinated debentures	100,517			92,785
Accrued interest payable and other liabilities	20,821			19,923

Total liabilities	2,313,090			1,892,448

Stated capital	44,615			53,597
Retained earnings	114,699			112,502
Net unrealized losses on available-for-sale securities	(16		)	(249		)

Total capital	159,298			165,850

Total liabilities and capital	$	2,472,388		$	2,058,298

Book value per share outstanding	$	13.50		$	13.54

Total shares outstanding	11,802,839			12,250,728

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	(000’s omitted)					(000’s omitted)
	Three Months Ended					Six Months Ended
	June 30					June 30
	2008			2007		2008			2007

Interest on loans	$	35,957		$	41,814	$	76,253		$	82,752
Interest on federal funds sold	105			121		173			212
Interest on investment securities	368			422		799			718

Total interest income	36,430			42,357		77,225			83,682

Interest on deposits	9,437			12,355		20,504			23,878
Interest on subordinated debentures	1,224			1,716		2,840			3,399
Interest on FHLB advances	1,628			1,599		3,336			3,194
Interest on other borrowings	24			3		32			9

Total interest expense	12,313			15,673		26,712			30,480

Net interest income	24,117			26,684		50,513			53,202

Provision for loan losses	44,743			300		55,533			300

Net interest income after provision for loan losses	(20,626		)	26,384		(5,020		)	52,902

Other operating income	2,481			2,048		7,652			4,415

Salaries and related benefits	8,487			8,627		17,973			17,648
Occupancy expenses	954			962		1,923			1,781
Other expenses	5,416			3,830		7,503			7,309

Total other operating expenses	14,857			13,419		27,399			26,738

Income before provision for income taxes	(33,002		)	15,013		(24,767		)	30,579

Provision for income taxes (benefit)	(14,489		)	6,369		(10,989		)	12,944

Net income (loss)	$	(18,513	)	$	8,644	$	(13,778	)	$	17,635

	(000’s omitted)					(000’s omitted)
	Three Months Ended					Six Months Ended
	June 30					June 30
	2008			2007		2008			2007

Net income per share
Basic	$	(1.57	)	$	0.71	$	(1.17	)	$	1.44
Diluted	$	(1.46	)	$	0.66	$	(1.08	)	$	1.35

Average shares outstanding	11,796,903			12,242,692		11,806,280			12,228,402
Diluted average shares	12,669,413			13,063,210		12,728,462			13,073,395

Average equity	$	173,216		$	161,537	$	174,352		$	156,725
Average assets	$	2,407,558		$	2,016,344	$	2,324,457		$	1,996,948
Return on average equity (%)	(42.99		)	21.46		(15.89		)	22.69
Return on average assets (%)	(3.09		)	1.72		(1.19		)	1.78
Efficiency ratio (%)	55.86			46.70		47.11			46.41
Number of employees	294			279
Assets per employee (000s)	$	8,409		$	7,377

CREDIT QUALITY

Beginning reserve for loan losses (000s)	$	33,580		$	20,694	$	22,771		$	20,624
Loan loss provisions	44,743			300		55,533			300
Loan recoveries	18			15		18			94
Loan chargeoffs	34,244			50		34,244			50
Net change in allowance for unfunded loan commitments	55			164		74			155
Ending reserve for loan losses (000s)	$	44,152		$	21,123	$	44,152		$	21,123

Loans Past Due 30-89 days	$	22,865		$	4

Loans Past Due 90 Days or More	$	0		$	13
Nonaccrual Loans	32,861			0
Other Real Estate Owned	0			0
Nonperforming Assets	$	32,861		$	0
Nonperforming Assets / Gross Loans+ OREO (%)	1.41			0.00
Reserve for Loan Losses / Nonperforming Assets (%)	134.36			162484.62
Reserve for Loan Losses / Gross Loans (%)	1.90			1.11

	(000s omitted)
	For the Three Months Ended June 30,
	2008					2007
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost (%)	Balance		Interest		Yield/Cost (%)

Gross loans	$	2,293,118	$	35,957	6.31	$	1,868,461	$	41,814	8.98
Funds sold	21,240		105		1.99	9,387		121		5.17
Investment securities	29,902		368		4.95	30,913		422		5.48
Total earning assets	$	2,344,260	$	36,430	6.25	$	1,908,761	$	42,357	8.90

Deposits	$	1,841,705	$	9,437	2.06	$	1,629,011	$	12,355	3.04
Federal Home Loan Bank advances	289,385		1,628		2.26	121,575		1,599		5.28
Subordinated debentures	100,517		1,224		4.90	92,785		1,716		7.42
Funds purchased	3,520		24		2.74	145		3		8.30
Total bearing liabilities	$	2,235,127	$	12,313	2.22	$	1,843,516	$	15,673	3.41

Net interest spread (1)					4.03					5.49

Net interest margin (2)					4.14					5.61

(1) Net interest spread represents the average yield earned on earning assets less the average cost of bearing liabilities.

(2) Net interest margin represents net interest income divided by average earning assets.

	(000s omitted)
	For the Six Months Ended June 30,
	2008					2007
	Average				Average	Average				Average
	Balance		Interest		Yield/Cost (%)	Balance		Interest		Yield/Cost (%)

Gross Loans	$	2,211,408	$	76,253	6.93	$	1,849,854	$	82,752	9.02
Funds Sold	15,033		173		2.31	8,075		212		5.29
Investment Securities	30,876		799		5.20	29,739		718		4.87
Total Earning Assets	$	2,257,317	$	77,225	6.88	$	1,887,668	$	83,682	8.94

Deposits	$	1,790,708	$	20,504	2.30	$	1,613,775	$	23,878	2.98
Federal Home Loan Bank Advances	255,582		3,336		2.62	120,085		3,194		5.36
Subordinated Debentures	100,517		2,840		5.68	92,785		3,399		7.39
Other Borrowings	2,126		32		3.03	283		9		6.41
Total Bearing Liabilities	$	2,148,933	$	26,712	2.50	$	1,826,928	$	30,480	3.36

Net Interest Spread (1)					4.38					5.58

Net Interest Margin (2)					4.50					5.68

(1) Net interest spread represents the average yield earned on earning assets less the average cost of bearing liabilities.

(2) Net interest margin represents net interest income divided by average earning assets.

The following is a schedule of new loans booked (not including renewals of existing loans) by First Regional’s subsidiary, First Regional Bank, during each month of the second quarter of 2008:

	New Loans Booked
Month	(000’s omitted)

April	$	70,736
May	112,252
June	52,834
Second Quarter Total	$	235,822

The following is a schedule of the primary components of First Regional Bank’s loan portfolio as of June 30, 2008:

	Disbursed Balance as of June 30, 2008	Percentage of Total

Construction

Condominium	402,959,000	17.28	%
Apartment	33,790,000	1.45	%
SFR	107,694,000	4.62	%
Office	27,956,000	1.20	%
Retail	57,090,000	2.45	%
Commercial/Industrial	1,805,000	0.08	%
Mixed Use	47,251,000	2.03	%
Other (Hotel/Motel)	14,137,000	0.61	%

Total	692,682,000	29.72	%

Mini Perm/Bridge

Apartment	539,342,000	23.12	%
SFR	0	0.00	%
Office	90,277,000	3.87	%
Retail	155,039,000	6.65	%
Commercial/Industrial	38,339,000	1.64	%
Mixed Use	105,841,000	4.54	%
Other (Hotel/Motel)	154,805,000	6.64	%

Total	1,083,643,000	46.46	%

	Disbursed Balance as of June 30, 2008	Percentage of Total

Land Loans, by County

California Counties
Los Angeles	167,404,000	7.18	%
Orange	27,482,000	1.18	%
Riverside	15,458,000	0.66	%
San Bernardino	13,856,000	0.59	%
San Diego	14,063,000	0.60	%
Other	10,908,000	0.47	%

California Total	249,171,000	10.68	%

Other States	26,632,000	1.14	%

Total Land Loans	275,803,000	11.82	%

Government Guaranteed Loans	1,676,000	0.07	%

Total Real Estate Loans	2,053,804,000	88.07	%

Commercial Non-Real Estate Secured Loans	278,750,000	11.93	%

Total Loans	2,332,554,000	100.00	%

Less - Allowance for loan losses	44,152,000

- Deferred loan fees	6,798,000

Net loans	2,281,604,000