Santa Cruz County Bank In The News

Profitable quarter for Santa Cruz County Bank

May 1, 2006

The following is an article from the Santa Cruz Sentinel, to visit the Santa Cruz Sentinel web site, click here.

Growth in loans helped Santa Cruz County Bank record its third consecutive profitable quarter, another milestone for the two-year-old bank. The bank reported net income of $134,899 for the quarter ending March 31, compared to $84,913 in the previous quarter. Loans increased by 22 percent, from $64.2 million to $78.8 million, compared to the previous quarter. David Heald, bank president and CEO, noted the Small Business Administration's Fresno office granted the bank "preferred lender" status in February. That enables the bank to fast-track loans to more than 15 counties, including Monterey and San Benito. In its first year, the bank was designated a preferred lender by the SBA's San Francisco office, which covers 14 counties including Santa Cruz. The annual meeting of stockholders will take place at 2 p.m. May 18 at the University Inn & Conference Center, 611 Ocean St., Santa Cruz. Santa Cruz County Bank earnings report 1st Qtr 2006 2005 Revenue $1,431,683 $630,663 Net income (loss) $134,899 ($359,806) Deposits $89,314,133 $48,405,264 Loans $78,837,608 $37,725,904 Total assets $105,808,662 $59,187,152 OTC: SCZC