Santa Cruz County Bank In The News

7/10/2009

Although some big banks plan to stop cashing state IOUs after today, locally owned banks and credit unions say they will continue to accept warrants.

That's a relief for Community Bridges, a local nonprofit that expects about $500,000 in state IOUs this month to operate Meals on Wheels and four child care centers.

"That represents about 15 percent of the total budget for those two programs," said Sam Storey, executive director of Community Bridges. "As each month passes without a state budget, that amount and the percentage will increase. Fortunately, two local banks, Santa Cruz County Bank and Lighthouse Bank, have let us know that they are willing to cash in the warrants."

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5/21/2009

About 70 shareholders of Santa Cruz County Bank gathered for the annual meeting Wednesday at Peachwood's to hear how the five-year-old locally owned bank is faring.

David Heald, president and chief executive officer, presented some reassuring statistics:

Deposits topped $214 million in the first quarter.

The bank ended 2008 in the black by $17,000, earning recognition from the independent Findley Reports as the best bank of its size.

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5/2/2009

Santa Cruz County Bank stayed in the black for the first quarter, but the recession cut into profit.

Net income before taxes was $38,773, down 90 percent from the fourth quarter, when it was $376,000

Net interest income was $2.3 million, down 6 percent from the fourth quarter. Bank officials said higher interest-earning assets declined due to a decline in loans.

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3/20/2009

Less Than $200 Million in Assets: Santa Cruz County Bank, Santa Cruz, California While Santa Cruz County Bank, Santa Cruz, California (SCCB) ended the year with total assets in excess of $200 million, its average assets for the year were less than $200 million; therefore, it fits within the less than $200 million category.

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3/19/2009

Santa Cruz County Bank is one of five banks singled out as exceptional in a difficult market by Findley Reports, an industry newsletter.

The other four operate in other areas of the state.

The rating, which takes into account the size of the bank's assets, is based on year-end 2008 financial information and performance since inception.

Read the full story at www.santacruzsentinel.com

3/10/2009

Scott Roseman and Rex Stewart can smile now that their expanded version of New Leaf Community Market, a $4 million project, is ready to open on the Westside at 8 a.m. Wednesday.

With their chief financial officer Kimberly Hallinan, they spent sleepless nights after Comerica bailed at the end of September on the locally owned organic market that opened in Santa Cruz 24 years ago.

Read the full story at www.santacruzsentinel.com

2/10/2009

Despite the recession, locally owned Santa Cruz County Bank eked out a profit for the year on fourth quarter earnings.

Pre-tax net income for the year was $24,000, down 99 percent from $1.7 million from 2007.

Pre-tax net income for the quarter was $376,000, a 137 percent increase from the third quarter when the bank reported a pre-tax loss of $1 million. That was in large part due to bolstering loan loss reserves by $1.4 million.

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6/30/2008

Victor Davis has joined Santa Cruz County Bank as senior vice president, chief financial officer and cashier. He will be based in the Watsonville office. Davis, who lives in Hollister, is a graduate of Pacific Coast Banking School in Washington and studied business management at Wright State University. He has spent 29 years in community banking. Most recently, he was a senior level auditor and consultant for Bank Vision, a risk management consulting firm. He was senior vice president, chief financial officer and cashier of San Benito Bank for 10 years before it was acquired by Pacific Capital, holding company for First National Bank of Central California.

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6/13/2008

Painter, arts administrator and restaurateur Manuel Santana has been chosen as the 2008 Artist of the Year by the Santa Cruz County Arts Commission. To celebrate the selection, the Santa Cruz County Bank Arts Collaborative presents "All Santana," featuring 50 of Santana's acrylics, lithographs and other art works to be on display in the four branches of the bank in Santa Cruz, Scotts Valley, Capitola and Watsonville.

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4/19/2008

Santa Cruz County Bank reported double-digit growth in deposits and assets and a downturn in income in the first quarter of 2008, compared to the previous quarter. The four-year-old locally owned bank reported deposits grew 20 percent to $166.3 million compared to the previous quarter. Assets grew 17 percent to $187.9 million; loans grew 4 percent to $124.4 million. The growth came in face of competition from Lighthouse Bank, a locally owned bank that opened in October.

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