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Local bank reports double-digit year

January 30, 2007

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

January 30, 2007 Local bank reports double-digit year The startup Santa Cruz County Bank turned the corner in 2006, ending the year in the black, officials reported Monday. The bank, which will observe its third birthday on Feb. 3, reported $1.5 million in pre-tax income as of Dec. 31, compared to a loss of $414,274 for 2005. Deposits were up 5 percent compared to the previous quarter and up 38 percent compared to a year ago. Loans for the fourth quarter were the same as the previous quarter; loans were up 28 percent compared to a year ago. Assets increased 6 percent during the quarter and 36 percent compared to a year ago. Bank president and CEO David Heald noted the double-digit increases over 2005 in deposits, loans and assets. The financial results for 2006 "confirm the community's support of their local bank," he said. The annual meeting for stockholders will take place May 15 at 3 p.m. at University Inn and Conference Center. For more information, go to www.scccountybank.com . Earnings report Santa Cruz County Bank 4th Qtr 2006 2005 Revenue: $1.8 million $1.3 million Net income: $485,057 $84,913 after taxes Deposits: $113 million $81.7 million Loans: $82.5 million $64.7 million Total assets: $132.5 million $97.5 million OTC: SCZC

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