Santa Cruz County Bank In The News
It's been two years of recession since the housing bubble burst, followed by two years of excruciatingly slow recovery. Local business owners, government officials and residents all continued to keep an eye on the plodding economy in 2011.
Bank profits have rebounded dramatically but the same can't be said for unemployment, which stood at 10.6 percent last month, down from 12.7 percent a year ago. It's still higher than anyone would like.
At this year's employee holiday party, employees brought gifts and gift cards for children of CASA [Court Appointed Special Advocates] of Santa Cruz County. The effort was lead by Santa Cruz County Bank Vice President Doug Fischer and resulted in more than $700 in gift cards and more than a dozen presents being donated to CASA children.Read the full story at www.santacruzsentinel.com
Bauer Financial, the independent rating service, lowered ratings on three banks serving Santa Cruz County for the third quarter, and raised the rating for one bank and two credit unions.
Liberty Bank, which serves San Lorenzo Valley, and Valley Community Bank, which has a Santa Cruz loan office, dropped to two stars, signifying troubled.
The Sentinel earlier reported both banks signed regulatory agreements in the third quarter, and Karen Dorway of Bauer Financial said that was the reason for the change in the ratings.Read the full story at www.santacruzsentinel.com
Local residents are responding to the call for Bank Transfer Day on Saturday, a grassroots effort started by a young Los Angeles gallery owner frustrated that reforms were possibly leading to new fees by Bank of America, Wells Fargo and Chase.Read the full story at www.santacruzsentinel.com
Santa Cruz County Bank posted a $766,600 profit for the quarter ending Sept. 30, up from $535,000 in the prior quarter and up 69 percent from a year ago.
Year-to-date earnings for the first nine months of 2011 totaled $1.8 million, up 61 percent from a year ago.
Earnings for the locally owned bank were 40 cents per share compared to 28 cents per share in the prior quarter.
Bauer Financial, the Florida-based independent rating service, has upgraded Santa Cruz County Bank from four stars, excellent, to five stars, superior based on its second quarter performance.
The only other bank in the county with the top five-star rating is Union Bank.
Bauer's ratings make a difference to people looking for security for their savings.
Read the full story at www.santacruzsentinel.com
Bank gets 5-Star superior rating
Santa Cruz County Bank on Thursday announced it has received a 5-Star "superior" rating from Bauer Financial Inc. based upon its financial condition as of the second quarter that ended June 30.
Santa Cruz County Bank on Monday posted a 45 percent jump in quarterly profit.
The Santa Cruz-based lender (OTCBB:SCZC) said it earned roughly $535,000 of net income, or 28 cents per share, for the quarter ending June 30. That compares to roughly $369,000, or 22 cents per share, during the same period a year earlier.Read the full story at www.bizjournals.com
Santa Cruz County Bank posted a profit of $535,000 for the second quarter, up from $369,000 a year ago.
An increase in loans is one of the factors behind the gain.
Loans totaled $172.3 million, up $5.3 million during the quarter, a 3 percent increase.
BauerFinancial, the independent rating service, has downgraded Valley Community Bank from four stars, excellent, to three-and-a-half stars, good. A year ago, the bank had the top rating, five stars.
Based in Pleasanton, Valley Community Bank was the only lending institution serving Santa Cruz County to see its rating slip this quarter.