Santa Cruz County Bank In The News

3/7/2011

Without access to capital, the 84-year-old produce wholesaler couldn't import perishables from around the hemisphere despite customer demand. It was at a crossroads.

"We were pretty much down to not knowing what we were going to do," Manfre said.

For a lifeline, the company turned to a U.S. Department of Agriculture program aimed at bolstering rural businesses. In 2009, Coast Produce secured a $4.6 million loan from Santa Cruz County Bank, the largest of 11 loans the bank has issued over the past four years through the program, the value topping $20 million.

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2/5/2011

At a time when many lenders have been cautious, Santa Cruz County Bank, a lender established in 2004, made 13 Small Business Administration loans totaling $4.9 million in fiscal 2010, the most in the county. Four of those loans went toward four medical expansion projects over the past 16 months. Here's a snapshot of what's being done with those loans.

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1/28/2011

The agricultural business near Silicon Valley could soon get a financial boost.

Santa Cruz County Bank announced last month that it was approved to issue government-backed loans to help farmers buy land that they currently lease or to help finance their operations. The Santa Cruz-based lender expects to close its first three deals by mid-February. Two of those deals involve farmers in Watsonville buying their properties for a combined $1.45 million.

Read the full story at www.bizjournals.com

1/27/2011

Santa Cruz County Bank reported a record year-end after-tax profit of $1.79 million for the period ending Dec. 31, up from $203,000 the previous year.

The previous record profit for the nearly 7-year-old locally owned bank was $480,000 in 2006.

"And that was before we paid taxes," said David Heald, president and chief executive officer.

The bank increased net income by $1.6 million to $1.8 million over the year.

Read the full story at www.santacruzsentinel.com

1/24/2011

Santa Cruz County Bank on Monday posted a nearly 10-fold increase of fourth quarter profit, as deposits and loans both climbed this past year.

The Santa Cruz-based lender (OTCBB:SCZC) said it earned about $700,000 of net income for the three months ending Dec. 31, compared to $71,000 in the same period in 2009.

Read the full story at www.bizjournals.com

12/4/2010

Santa Cruz County Bank has been approved to participate in the United States Department of Agriculture Farm Service Agency guaranteed loan program. This allows the bank to extend credit to farmers to finance their current operations or expand.

Loans may be made to buy farmland, construct or repair buildings, promote soil and water conservation or refinance debt.

Read the full story at www.santacruzsentinel.com

12/1/2010

Santa Cruz County Bank announced Tuesday that it had raised $2,500,560 by issuing 241,600 shares of common stock.

The locally owned bank offered stock at $10.35 per share to a limited number of investors and closed the offering Nov. 19. The stock price has ranged from $8.05 to $12.95 in the past year.

Read the full story at www.santacruzsentinel.com

10/14/2010

Santa Cruz County Bank reported a profitable third quarter, with net income of $452,881, compared to $369,149 for the quarter that ended June 30 and $42,872 a year ago.

The quarter resulted in year-to-date net income of $1.1 million, a record for the locally owned bank, which opened in 2004.

"This accomplishment highlights the keen focus of our board and management on earnings achievement through strategic measures," David Heald, president and chief executive officer.

Read the full story at www.santacruzsentinel.com

7/27/2010

Cost-savings measures and new income helped boost second quarter assets and profits for Santa Cruz County Bank.

The bank reported net income of $369,149 compared to net income of $66,243 for the same quarter a year ago, and $267,980 for the first quarter of 2010. Assets have climbed to more than $280.3 million. Non-interest bearing deposits, which represent 34 percent of the bank's total deposits, grew 35 percent from a year ago.

Read the full story at www.santacruzsentinel.com

5/25/2010

Banks that started up six years ago have had tough times, according to statistics Santa Cruz County Bank chairman George Gallucci cited for 100 stockholders at the annual meeting Tuesday at Bittersweet Bistro in Aptos.

"Of 83 banks started since February 2004, only 18 were profitable. We were one of those," Gallucci said. "Of those 83, only four have a cumulative profit. Your bank is one of those banks."

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