Santa Cruz County Bank In The News
SANTA CRUZ — Santa Cruz County Bank ranked second for overall 2015 performance of 185 banks in California evaluated by the Financial Management Consulting Group, a consulting firm based in Kentucky. The rankings are based on eight factors including margin, efficiency, asset quality and earnings.
“We are very pleased to be recognized as a top performer for the hard work and dedication of our management and employees,” said Santa Cruz County Bank President and CEO David Heald.
Lighthouse Bank, based in Santa Cruz, ranked sixth. Last year, Lighthouse Bank ranked third and Santa Cruz County Bank ranked fourth.
Santa Cruz County Bank and Lighthouse Bank tied for first for having the least nonperforming assets.
In asset quality, Santa Cruz County Bank ranked first; Lighthouse Bank was 17th. In noninterest income, which comes from customer fees and service charges, Santa Cruz County Bank ranked 68th and Lighthouse Bank ranked 156th.
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
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
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
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.”
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
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
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
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.
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.
CAPITOLA - Sheryl Guidera, for 25 years the owner of Kaleidoscope, the parent teacher toy store, is looking for a buyer so she can retire.
SANTA CRUZ -- Santa Cruz County Bank posted a profit of $1 million for the quarter ending June 30, up 18 percent from the prior quarter and up 24 percent from a year ago.
Loans at the 10-year-old locally owned bank totaled $293 million, growing 5 percent — $14.9 million — from the prior quarter and up 23 percent from a year ago.
David Heald, bank president and chief executive officer, said loan production for the quarter totaled $25.5 million and loan payoffs of $9 million.
There were seven commercial real estate loans for $8.6 million, 17 commercial loans for $4.6 million and four construction loans for $2 million, Heald said.
Read the full story at www.santacruzsentinel.com
SEASCAPE — Ten-year-old Santa Cruz County Bank celebrated a record year in loans, re-elected current board members and declared the recession over at an annual shareholder's meeting Thursday at Seascape Resort.
It's been "a pretty phenomenal year," said Angelo DeBernardo Jr., a senior vice president and senior lending officer at the bank.
The bank booked $116 million in new loans, $15 million more than in 2012, and, according to federal data, gained local market share as of June 2013.
In general, the economic picture for the region is one of growth, said David Heald, CEO and president of the bank.
"I'd say over the last couple of years we have seen good growth and I would say that yes we have basically come out of (the recession)," Heald said. "We are now growing. A lot of the economic indicators do show that as well." The Bay Area is booming and driving real estate prices "pretty hard" within the Bay area.Read the full story at www.santacruzsentinel.com