Santa Cruz County Bank In The News
Santa Cruz bank profit up nearly tenfold
Santa Cruz County Bank on Monday posted a nearly 10-fold increase of fourth quarter profit, as deposits and loans both climbed this past year.
The Santa Cruz-based lender (OTCBB:SCZC) said it earned about $700,000 of net income for the three months ending Dec. 31, compared to $71,000 in the same period in 2009.
Bank offers farm loans
Santa Cruz County Bank has been approved to participate in the United States Department of Agriculture Farm Service Agency guaranteed loan program. This allows the bank to extend credit to farmers to finance their current operations or expand.
Loans may be made to buy farmland, construct or repair buildings, promote soil and water conservation or refinance debt.
Business Digest: Bank raises $2.5 Million
Santa Cruz County Bank announced Tuesday that it had raised $2,500,560 by issuing 241,600 shares of common stock.
The locally owned bank offered stock at $10.35 per share to a limited number of investors and closed the offering Nov. 19. The stock price has ranged from $8.05 to $12.95 in the past year.
Santa Cruz County Bank reports profitable quarter
Santa Cruz County Bank reported a profitable third quarter, with net income of $452,881, compared to $369,149 for the quarter that ended June 30 and $42,872 a year ago.
The quarter resulted in year-to-date net income of $1.1 million, a record for the locally owned bank, which opened in 2004.
"This accomplishment highlights the keen focus of our board and management on earnings achievement through strategic measures," David Heald, president and chief executive officer.
Santa Cruz County Bank welcomes strong Q2
Cost-savings measures and new income helped boost second quarter assets and profits for Santa Cruz County Bank.
The bank reported net income of $369,149 compared to net income of $66,243 for the same quarter a year ago, and $267,980 for the first quarter of 2010. Assets have climbed to more than $280.3 million. Non-interest bearing deposits, which represent 34 percent of the bank's total deposits, grew 35 percent from a year ago.
Santa Cruz County Bank touts profitability in tough times
Banks that started up six years ago have had tough times, according to statistics Santa Cruz County Bank chairman George Gallucci cited for 100 stockholders at the annual meeting Tuesday at Bittersweet Bistro in Aptos.
"Of 83 banks started since February 2004, only 18 were profitable. We were one of those," Gallucci said. "Of those 83, only four have a cumulative profit. Your bank is one of those banks."
Santa Cruz County Bank ranks third in California for USDA Rural Development loans
Banks that made loans to real estate developers who got caught in the housing market crash are putting aside money for losses instead of lending to jump-start the economy.
Santa Cruz County Bank doesn't have that problem.
In fact, the 7-year-old locally owned bank last month won a Lender Excellence Award from U.S. Department of Agriculture Rural Development.
SC County Bank business picks up in Q1
Higher net interest income, office consolidation and employee attrition helped boost the bottom line for Santa Cruz County Bank which reported a leap in net revenue to $267,980 from just $22,509 a year ago in the same quarter.
First quarter numbers, from loans to deposits to assets and the total number of accounts, all grew compared to this time last year.
Owner of Monet Salon and Spa, buffeted by illness and recession, seeking a buyer
Julie Monet has put her heart into her career as a hair stylist and owner of her own business, developing a loyal following. Now 50, she's facing an uncertain future.
In 2007, she was diagnosed with degenerative disk disease, a condition accompanied by acute neck pain, and advised by her doctor to give up her salon and spa.
Santa Cruz County Investors Think Local
Everyone loves to hate the big banks these days. So much so that a national movement called Move Your Money, which encourages individuals to take their money out of our nation’s biggest banks and place it with community banks and credit unions, has enjoyed a groundswell of support since it came out a month ago. Even local banks have noticed.
“We’ve seen the number of accounts [go up] as a result of Move Your Money,” says Mary Anne Carson, marketing director for Santa Cruz County Bank. “It is really making a difference for us, and I think people can feel good about the fact that their funds are going to local banks that will be reinvested in their community’s economy.”
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