Santa Cruz County Bank In The News
Santa Cruz County Bank is pushing for business in South County, moving Executive Vice President and Regional Credit Manager Fred Caiocca to Watsonville.
The move this month came in the wake of the disappearance of First National Bank, which was rebranded Santa Barbara Bank, then acquired in March by San Francisco-based Union Bank.
Santa Cruz County Bank President and Chief Executive Officer David Heald announced the shift Tuesday during the ninth annual shareholders meeting attended by 90 people at Cafe Bittersweet.
Santa Cruz County Bank, a locally owned and operated bank, today announced strong earnings for the first quarter ended March 31.
For the three-month period ended March 31, the bank reported a 26 percent increase in total earnings after tax to $573,485, compared to $453,538 for the same period that ended March 31, 2011.
Santa Cruz County Bank posted a profit of $573,000 for the quarter ending March 31, down 15 percent from the previous quarter but up 26 percent from a year ago.
Loans totaled $199.8 million, growing by $8.5 million from the previous quarter.
"Overall, we are ahead of where we were in the first quarter of last year," said David Heald, Santa Cruz County Bank president and chief executive officer. "We are pleased with our first quarter and the 26 percent increase in net income after tax compared to the first quarter of 2011."
In October and November of last year, local community banks and credit unions experienced huge increases in their member accounts. The shift from big national banks like Wells Fargo and Bank of America was fueled by the "Occupy" movement and the Move Your Money project, which asked the "99 Percenters" of the world to make the financial shift from national banks to local ones.
The request was made on November 5, 2011, which was dubbed "Bank Transfer Day."
During that month, Santa Cruz County banks and credit unions saw in some cases up to 100 percent increases in new accounts being set up.
Findley Reports has given Santa Cruz County Bank its highest rating, Super Premier Performing Bank, for its 2011 performance. The locally owned bank, founded in 2004, achieved that rating for the second straight year.
"Santa Cruz County Bank continues to deliver strong financial performance that ranks in the top 10 percent of all banks in the Western United States," said Gary Steven Findley, whose firm has been monitoring banks for 40 years.
A veteran Surf City banking executive has joined the board of directors at Santa Cruz County Bank.
Harvey Nickelson was appointed to the board of the Santa Cruz-based business lender, the bank announced Wednesday. He replaces Steve John, who is expected to leave the board in May due to his new position as CEO of the Monterey Peninsula Foundation, the nonprofit group that stages the AT&T Pebble Beach National Pro-Am golf tournament.
Eighteen months after Texas investors Carl Webb and Gerald Ford put $500 million into the troubled Pacific Capital Bancorp, where the price had fallen to 25 cents per share, their bet is paying off.
Union Bank, a subdiary of Mitsubishi UFJ Financial Group, offered the new ownership $46 a share in cash, and the $1.5 billion deal was accepted by Pacific Capital Bancorp, which had rebranded itself Santa Barbara Bank & Trust in May.
Mike McMurry is not a number-cruncher. He became a firefighter at age 18, battled blazes for 13 years and is now a veteran fire chief in Santa Cruz County.
But after looking at pension costs a few years back, he knew this much: The retirement costs of his firefighters were rising fast, and he needed to do something.
He called a friend at Santa Cruz County Bank, asked if his Scotts Valley Fire District could get a loan, and inked a rarely used pension-financing deal — one that could help government agencies save some money and give banks a new line of business.
The City Council approved a plan Tuesday to pour fees paid by UC Santa Cruz when the university exceeds water use limits into a fund for off-campus conservation.
The move comes before a March 7 hearing by the Local Agency Formation Commission to finalize details of a city water service extension to an undeveloped corner of campus for future growth. LAFCO, under its own policy to approve only water-neutral projects, has requested a formal plan to designate overage fees for conservation.
On the east side of 41st Avenue, between Capitola Road and Betty Burger, nearly every shopping center has a “for lease” sign, and the Blockbuster movie rental shop will close Feb. 26.
The Capitola Mall has six vacancies, including Abercrombie & Fitch, which closed last month, and space in the Mercantile, a prime location in Capitola Village, has been empty for two years.
Before the recession, space on 41st Avenue was hard to get, and the Mall and the Mercantile were full.