Santa Cruz County Bank reports Q3 profitabilityOctober 17, 2005
The following is an article from the Santa Cruz Sentinel, to visit the Santa Cruz Sentinel web site, click here.October 12, 2005 Santa Cruz County Bank reports Q3 profitability Sentinel staff report SANTA CRUZ After less than two years in business, Santa Cruz County Bank announced Tuesday its first profitable quarter. John Rossell, president and chief executive officer, called the third quarter "a significant milestone" and said the banks offices in Santa Cruz, Scotts Valley and Watsonville all contributed to the loan portfolio. The company reported a third quarter net income of $55,548 compared to a net loss of $225,145 in the previous quarter and a net loss of $360,797 last year in the same quarter. In the third quarter, the loan portfolio grew by $30.2 million to $55.1 million from the same quarter a year ago. Total deposits increased $42.1 million to $72.3 million from a year ago and assets increased $46.5 million to $88.1 million compared to a year ago. The bank also announced a successful private offering that raised almost $5 million in the third quarter, which will help support higher lending limits. Earlier this month, the bank announced plans to open in November a MidCounty ATM and night depository kiosk near the Dominican Education Center. It will be an unstaffed facility. The Santa Cruz-based bank, founded by local business people, opened in February 2004. The common stock is publicly traded on the Over the Counter Bulletin Board under the stock symbol SCZC. Shares closed unchanged Tuesday at $25. The 52-week range is $17-$25.