Santa Cruz County Bank In The News

1/28/2016

SANTA CRUZ — Locally owned Santa Cruz County Bank posted a profit of $1.5 million for the fourth quarter, up 14 percent from a year ago, and a record $8.9 million profit for the fiscal year, up 24 percent from the year before.

Deposits grew to $461 million, up 11 percent from a year ago.

Loans grew to $358 million, up 13 percent from a year ago.

Three weeks ago, Stewart Peterson, owner of Coastwide Environmental Technologies, paid off the 10-year SBA loan he got from Santa Cruz County Bank to buy the contracting business, which operates from San Francisco to San Luis Obispo removing asbestos and lead.

He tackled a big project at UC Santa Cruz, the dorm floors at Porter College, where his weekly payroll for a crew of 50 to 60 totaled $190,000, a job he said he couldn’t have completed without a $400,000 line of credit from the bank.

Read the full story at www.santacruzsentinel.com

11/16/2015

SANTA CRUZ -- When Ruthann Illick, Linda Ortega and Jessie Sanders went into business for themselves, they were in good company.

Santa Cruz County ranks third among metro areas in the U.S. with 3.95 women-owned businesses per 100 residents, behind Boulder, Colorado, and Miami-Fort Lauderdale, according to NerdWallet, a personal finance website.

As a result, NerdWallet rated Santa Cruz County as the fourth best place in the nation for a woman to set up a business even though the county is 13th in median annual income for women at $47,412 and 65th in loans guaranteed by the U.S. Small Business Administration per 100,000 residents.

At El Pajaro Community Development Center in Watsonville, which nurtures startups and operates a kitchen incubator, 62 percent of the clients are women, according to Executive Director Carmen Herrera.

She has 15 businesses in Plaza Vigil, all owned by women, and points out 99 percent of family child care providers in the county are women.

“Santa Cruz County offers a unique collaborative culture for women entrepreneurs,” said Michele Bassi, vice president at locally owned Lighthouse Bank, citing networking circles for women, such as the Santa Cruz Chamber of Commerce Women in Business,Team Women and Leads.

At Santa Cruz County Bank, 13 percent of SBA loans in 2013 were to businesses owned by women, 22 percent in 2014 and 15 percent so far this year.

“It makes sense that women starting their own business would find the environment in Santa Cruz welcoming,” added David Heald, president and CEO of Santa Cruz County Bank, citing the supportive culture. “I’m not sure the trend is up, however I would say it appears stable and viewed as a desirable segment.”

Read the full story at www.santacruzsentinel.com

10/29/2015

SANTA CRUZ – Locally owned Santa Cruz County Bank posted a record profit of $1.38 million for the third quarter and record year-to-date profits of $3.98 million.

David Heald, president and CEO of the 11-year-old bank, attributed the record performance to initiatives such maintaining a high quality loan portfolio while keeping on an eye on expenses.

Return on average equity was 12.94 percent. The efficiency ratio was 55.2 percent; 50 percent is considered optimum.

Read the full story at www.santacruzsentinel.com

10/22/2015

With over 20 years of experience in the business of making high tech furnaces for the fabrication of semiconductor wafers, Jonathan George, President of Expert Semiconductor Technology, a small business located in Scotts Valley, CA, has seen a lot of change in the industry.  His Expertech furnaces, or reactors, are integral to the manufacture of not just semiconductors, but also for solar cell and micro electro mechanical systems (MEMS) fabrication.  And with the global explosion of the semiconductor industry, the market for these reactors is now global as well. 

“To stay competitive in a dynamic international setting requires both cutting edge innovation and fiscal prudence,” notes George.  Expertech has made big strides on both fronts.  Its latest Compact Thermal Reactor (CTR) line offers a small footprint furnace ideal for R&D work in university and government labs and for pilot lines worldwide.  Demand is growing and sales to foreign buyers now constitute about a third of Expertech’s annual revenue with buyers in Australia, Singapore, and the European Union.

At the same time, lowering overhead costs is just as essential for consistent profitable operations.  And thanks to a loan from Expertech’s community banking partner, the company was able to purchase and move into a new, larger facility near the one it had been leasing.  “Not only is the new building better suited to our needs, thanks to the financing we lined up, our overhead costs are lower,” said George.

“We were delighted to be able to help this Santa Cruz-based small business buy the property they needed,” said Sati Kanwar, a Senior Vice President at Santa Cruz County Bank.  “Because the expansion supported the growth of Expertech’s foreign sales, we were able to put this loan together with a special US Small Business Administration export loan guarantee called the International Trade Loan.” 

 
Read the full story at www.sba.gov

7/21/2015

SANTA CRUZ  -- Santa Cruz County Bank posted a profit of $1.35 million for the quarter ending June 30, up 32 percent from the prior quarter and up 8 percent from a year ago.

The 11-year-old locally owned bank topped $500 million in assets, up 5 percent for the quarter and up 14 percent from a year ago. “Reaching a half-billion dollars in asset size marks the achievement of a long-term strategic vision for our company,” said David Heald, president and chief executive officer, who’s been with the bank since it opened.

Read the full story at www.santacruzsentinel.com

5/22/2015

APTOS - Santa Cruz County Bank shareholders celebrated a record profit last year and a 15 percent jump in shareholder value in the first quarter of this year at the company’s annual shareholder meeting Thursday.

As of just two months ago, shareholder value climbed 23.9 percent in the previous 12 months.

“This year was fantastic,” said David Heald, president and CEO of the company. “Everything we’ve been working hard on has been coming together and paying off. The years of planning and executing the plan is showing up in our numbers.”

Bank executives pointed at an overall improving economy that is reflected in increasing number of business loans, including construction, real estate and Small Business Administration backed loans. Heald was particularly happy to report that the loan/deposit ratio had climbed to more than 80 percent.

Read the full story at www.santacruzsentinel.com

4/29/2015

SANTA CRUZ -- Santa Cruz County Bank posted a profit of $1.25 million for the quarter ending March 31, down 2 percent from the prior quarter but up 44 percent from a year ago.

Gross loans totaled $239 million, up $13.6 million from the prior quarter, a 4 percent increase, and up 18 percent from a year ago.

The 11-year-old locally owned bank made $36.5 million in loan commitments, with $9.2 million in payoffs and refinancings and sold $4.4 million in loans to the secondary market. Of the total committed, $11.4 million has yet to be drawn by the borrowers.

Read the full story at www.santacruzsentinel.com

1/29/2015

SANTA CRUZ - Santa Cruz County Bank posted a record $4.4 million profit for the year ending Dec. 31, up 32 percent from a year ago, with quarterly earnings of $1.3 million, up 6 percent from the prior quarter.

Gross loans at the 11-year-old bank totaled $315.6 million, up 6 percent from last quarter and up $57.5 million from a year ago, a 22 percent increase, despite $36.6 million in payoffs.

In 2014, the bank made 248 new loans up from 217 the year before.

“People are feeling more comfortable in making investments,” said David Heald, Santa Cruz County Bank’s president and CEO.

 
Read the full story at www.santacruzsentinel.com

10/22/2014

SANTA CRUZ - Santa Cruz County Bank posted a record $1.2 million profit for the quarter ending Sept. 30, up 26 percent from the prior quarter and up 45 percent from a year ago.

David Heald, the bank's president and CEO, attributed the results to "sustainable growth in earnings, assets, loans and deposits while controlling expenses."
 
Loans totaled $297 million, up 1 percent from the prior quarter and up 24 percent from a year ago. That growth reflected $15.5 million in loan payoffs.
 
The 10-year-old locally owned bank made $41.7 million in loan commitments during the quarter, and funded $28.4 million.
 
Heald said the commitments included $22 million in commercial and industrial loans, largely in agriculture, a special focus for the bank along with wineries, and in hospitality.
 
Read the full story at www.santacruzsentinel.com

8/25/2014
 
SANTA CRUZ - Santa Cruz County Bank on Thursday declared a quarterly cash dividend of 5 cents per share, payable Oct. 10 to stockholders of record as of the close of business on Sept. 25. This is the sixth cash dividend declared by the 10-year-old locally owned bank.
 
Santa Cruz County Bank reported record quarterly net income of over $1 million for the second quarter ending June 30. Book value that date was $16.79 per share, up from $15.61 on June 30, 2013.
 
 
Read the full story at www.santacruzsentinel.com

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