Santa Cruz County Bank In The News
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.
Santa Cruz County Bank is a standout among the 11 banks that opened in 2004, analyst Gary Findley told 67 stockholders attending the annual meeting at Bittersweet Bistro on Tuesday.
"Out of this class, you did something exceptional," said Findley, editor of the banking publication The Findley Report.Read the full story at www.santacruzsentinel.com
Many small-business owners say it can be tough to get a loan — but for those who own residential care facilities, it can sometimes be impossible.
Ann Butler knows this firsthand.
Santa Cruz County Bank posted a profit of $454,000 for the quarter ending March 31, up from $268,000 a year ago.
"We are off to a good start toward achieving another record year for the bank," said David Heald, president and chief executive officer of the 7-year-old locally owned bank.
Santa Cruz County Bank has been designated a Super Premier Performing Bank for its 2010 performance by financial industry consulting firm The Findley Reports Inc.
"We look at Santa Cruz County Bank's performance for 2010 as being in the top 10 percent of all banks in the Western United States," said Gary Steven Findley, editor of The Findley Reports. "They've been managing their portfolio very well."Read the full story at www.santacruzsentinel.com
Congressman Sam Farr (D-Carmel) and Judith Canales, U.S. Department of Agriculture's rural development administrator, visited Watsonville Coast Produce Monday to see the results of a federal loan program.
The longtime Watsonville company received a $4.6 million business and industry guaranteed loan from Santa Cruz County Bank last year, thanks to the backing of USDA Rural Development's business and investment program. The loan helped the produce-distribution company save jobs and complete the construction of a new state-of-the-art plant on Kearney Street.
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.Read the full story at www.santacruzsentinel.com
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.Read the full story at www.santacruzsentinel.com