Santa Cruz County Bank In The News
SANTA CRUZ -- Santa Cruz County Bank posted a profit of $1 million for the quarter ending June 30, up 18 percent from the prior quarter and up 24 percent from a year ago.
Loans at the 10-year-old locally owned bank totaled $293 million, growing 5 percent — $14.9 million — from the prior quarter and up 23 percent from a year ago.
David Heald, bank president and chief executive officer, said loan production for the quarter totaled $25.5 million and loan payoffs of $9 million.
There were seven commercial real estate loans for $8.6 million, 17 commercial loans for $4.6 million and four construction loans for $2 million, Heald said.
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SEASCAPE — Ten-year-old Santa Cruz County Bank celebrated a record year in loans, re-elected current board members and declared the recession over at an annual shareholder's meeting Thursday at Seascape Resort.
It's been "a pretty phenomenal year," said Angelo DeBernardo Jr., a senior vice president and senior lending officer at the bank.
The bank booked $116 million in new loans, $15 million more than in 2012, and, according to federal data, gained local market share as of June 2013.
In general, the economic picture for the region is one of growth, said David Heald, CEO and president of the bank.
"I'd say over the last couple of years we have seen good growth and I would say that yes we have basically come out of (the recession)," Heald said. "We are now growing. A lot of the economic indicators do show that as well." The Bay Area is booming and driving real estate prices "pretty hard" within the Bay area.Read the full story at www.santacruzsentinel.com
Santa Cruz County Bank has declared a cash dividend of five cents per share, payable on July 10 to stockholders of record as of June 25. This is the fifth cash dividend declared by the 10-year-old locally owned bank.
Shareholders' equity grew to $34.9 million as of March 31, up 14 percent over the prior year.
Book value per share was $16.35 compared to $15.55 a year ago. Earnings were 41 cents per share, the same as a year ago.Read the full story at www.santacruzsentinel.com