Santa Cruz County Bank In The News

Local lender tallies double-digit increase in loans

July 19, 2007

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

Local lender tallies double-digit increase in loans Sentinel staff report Santa Cruz County Bank boosted loans 18 percent to $95 million in the second quarter ending June 30, compared to the previous quarter. The double-digit increase was accompanied by smaller increases in deposits, now $125.8 million and assets, now $145.9 million, as the bank opened a new branch and a business lending office, both in Capitola. The 3-year-old locally owned bank also marked a financial milestone, becoming profitable on a cumulative basis by covering accumulated operating losses and start-up expenses totaling $2.8 million, The bank began to realize profits after 19 months of operation. On the Web: www.sccountybank.com Santa Cruz County Bank 2nd Quarter 2007 2006 Revenue $1.9 $1.6 (in millions) Net income $257,020 $391,304(after taxes) Deposits $125.8 $99.4(in millions) Loans $95 $81.3(in millions) Total assets $145.9 $116.3 (in millions) OTC: SCZC