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County Bank reports its second profitable quarter

January 31, 2006

The following is an article from the Santa Cruz Sentinel, to visit the Santa Cruz Sentinel web site, click here.

January 31, 2006 County Bank reports its second profitable quarter By Jondi Gumz Sentinel staff writer John Rossell won't make any predictions for 2006, but he's hoping it will be a good year for Santa Cruz County Bank. President and CEO Rossell said the county's only locally owned commercial bank, which opened in February 2004, has grown substantially. Deposits totaled $81.7 million as of Dec. 31, a 142 percent increase compared to a year ago. Net income for the fourth quarter was $97,683, compared to $55,548 in the third quarter, which was the bank's first profitable quarter. The bank opened two 24-hour self-serve centers in the fourth quarter, at Dominican Hospital and Deluxe Foods in Aptos. The bank has branches in Santa Cruz, Scotts Valley and Watsonville, with no plans to open more this year. The bank started with 12 employees and now has approximately 35. Rossell declined to say when he expects a profitable year for the bank. But he noted that the bank started with large quarterly losses and now has turned a profit for two consecutive quarters. "The trend is favorable," he said. "We're really pleased." Earnings report Year 2005 2004 Revenue: $4,525,238 $1,294,381 Net income: $363,204 $1,588,495 Deposits: $81,684,851 $33,795,455 Loans: $64,671,489 $32,542,668 Total assets: $97,528,343 $44,893,241 OTC: SCZC Number of employees: 35 Stock price: $28 (last trade)

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