Welcome to our dedicated page for West Coast Community Bancorp news (Ticker: SCZC), a resource for investors and traders seeking the latest updates and insights on West Coast Community Bancorp stock.
About West Coast Community Bancorp (SCZC)
West Coast Community Bancorp is a bank holding company that operates Santa Cruz County Bank, a full‐service community bank known for its relationship-based service and problem-solving focus. Established in 2004, the company delivers competitive deposit and lending solutions to businesses and individuals throughout California. Its business model revolves around providing personalized banking services, including traditional business loans, lines of credit, commercial real estate financing, asset-based lending, and specialized loans such as SBA and USDA government guaranteed products, making it a significant regional player in community banking.
Core Business Areas and Operations
Operating primarily through a network of strategically located branches, West Coast Community Bancorp emphasizes a service approach that distinguishes it from larger national banks. It focuses on:
- Deposit and Lending Solutions: Offering competitive rates and innovative products that cater to both personal and business finance needs.
- Community Engagement: Maintaining deep relationships with local communities through active participation and support of regional nonprofit initiatives.
- Risk Management and Liquidity: Employing stringent measures to manage asset quality and liquidity, including conservative loan underwriting and active portfolio monitoring, ensuring stability even under economic fluctuations.
- Technology Integration: Utilizing advanced banking platforms that enhance mobile and online banking services, ensuring efficient customer service and secure transactions.
Market Position and Strategic Development
West Coast Community Bancorp is recognized for its expertise in community banking, with a clear emphasis on direct access to decision makers and relationship-driven service. The bank’s extensive suite of financial products supports regional growth and satisfies the demands of diverse market segments, including small and medium enterprises, real estate investors, and individuals seeking personalized financial solutions.
The company’s recent merger with a complementary institution has further expanded its geographic footprint and lending capacity, enabling it to benefit from increased scale and operational efficiencies. This merger has strengthened its balance sheet and enhanced its ability to deliver advanced technology and expanded product offerings, positioning the company as an important contributor in the Central Coast and Silicon Valley regions.
Commitment to Community and Customer Service
True to its community-first roots, West Coast Community Bancorp continuously supports local economic development through active engagement with community organizations and nonprofits. Its service model is designed to provide clarity, responsiveness, and a high level of personal attention, which many customers value in contrast to the impersonal service often associated with larger banking institutions.
Financial Performance and Industry Expertise
The company demonstrates sound financial stewardship by managing non-performing loans effectively, maintaining strong liquidity ratios, and employing best practices in risk management. Its performance metrics, such as net interest margins and cost of funds, reflect a disciplined approach to banking that balances growth with fiscal prudence. Industry-specific keywords such as "community banking," "SBA lending," and "risk management" are integral to its operational ethos.
For investors and market researchers, West Coast Community Bancorp offers a transparent look into a financial institution that combines deep local ties with robust banking expertise, ensuring service excellence and sustainable operations in the competitive landscape of community banking.
Conclusion
Overall, West Coast Community Bancorp (SCZC) is dedicated to delivering high-quality banking services while supporting regional communities through tailored financial solutions. Its strong operational framework, commitment to personalized service, and strategic growth initiatives provide a comprehensive picture of a company that understands and addresses the evolving needs of its diverse customer base.
Santa Cruz County Bank (SCCB) has been recognized as one of America's Best Regional Banks 2025 by Newsweek and Plant-A Insights Group. The bank, with assets of $2.68 billion, earned this distinction through a comprehensive evaluation that analyzed over 9,000 institutions, 70,000 customer surveys, and millions of social media reviews.
The recognition highlights SCCB's position as a top-rated community bank headquartered in Santa Cruz, California. The bank, operating as a subsidiary of West Coast Community Bancorp (OTCQX: SCZC), provides full-service banking through branches across multiple California locations including Aptos, Capitola, Cupertino, and others. SCCB distinguishes itself through relationship-based service, problem-solving focus, and direct access to decision makers, particularly excelling as a leading SBA lender in Santa Cruz County and Silicon Valley.
West Coast Community Bancorp (SCZC) reported unaudited earnings of $29.6 million for 2024, compared to $35.2 million in 2023. Excluding merger-related after-tax charges of $10.9 million, adjusted net income would have been $40.5 million for 2024.
Key Q4 2024 highlights include: net interest margin of 5.38% (up from 4.93% in Q3), total assets of $2.68 billion (49% increase), and deposits of $2.3 billion (51% increase). The merger with 1st Capital Bank, completed on October 1, 2024, added $994.3 million in assets.
The Board declared an increased quarterly cash dividend of $0.19 per share, payable February 11, 2025. The efficiency ratio was 61.62% for Q4 2024, while all capital ratios remained above regulatory requirements with a total risk-based capital ratio of 14.00%.
Santa Cruz County Bank (OTCQX: SCZC) has appointed Emily Ruvalcaba as Senior Vice President and Regional President for the Silicon Valley region. With over 30 years of experience in business and commercial banking, Ruvalcaba will focus on expanding the bank's presence throughout the Bay Area from her office in Cupertino.
Ruvalcaba joins from Bridge Bank, where she served for 22 years in various executive roles. She brings expertise in building relationships with small and middle-market businesses and leading high-performing teams. She is actively involved in community organizations, serving on boards including Sacred Heart Nativity Schools and San Jose Downtown Association.
The appointment aligns with Santa Cruz County Bank's strategy to strengthen its presence in the Bay Area. The bank, founded in 2004, operates as a full-service community bank with branches across California, specializing in SBA lending, commercial real estate financing, and business banking services.
Santa Cruz County Bank (OTCQX: SCZC) has appointed Alison Voorhees as Senior Vice President and Director of Marketing. Voorhees brings over 20 years of marketing experience and holds multiple professional certifications including CFMP, Certified Digital Marketing Professional, and PCM® in Digital Marketing. She previously served as Vice President, Marketing Strategy Manager at Capital City Bank and holds advanced degrees from USC and London School of Economics. In her new role, she will oversee all marketing aspects from the bank's Santa Cruz location, focusing on branding, communications, and integrated marketing strategies.
Santa Cruz County Bank (OTCQX: SCZC) announced the planned retirement of Mary Anne Carson, Executive Vice President and Chief Marketing Officer, effective January 3, 2025. Carson, who joined as the bank's fourth employee in 2003, has been instrumental in creating the bank's brand identity and leading marketing initiatives for over 20 years. She spearheaded public and private stock sales, managed shareholder relations, and led the Marketing Department through multiple mergers including Lighthouse Bank and 1st Capital Bank. Carson has also developed the bank's new brand, West Coast Community Bank, set to launch in 2025.
West Coast Community Bancorp, parent company of Santa Cruz County Bank (OTCQX: SCZC), reported net income of $8.2 million for Q3 2024, consistent with the prior quarter but down from $9.1 million in Q3 2023. Year-to-date earnings were $25.7 million, down from $26.3 million in 2023, primarily due to $772,000 in merger-related expenses. Key metrics include a net interest margin of 4.92%, an efficiency ratio of 43.65%, and a return on average assets of 1.94% (excluding merger costs). The merger with 1st Capital Bank, completed on October 1, 2024, is expected to increase assets to nearly $2.8 billion. The Board declared a $0.18 per share dividend, up $0.01 from the prior quarter. Total assets were $1.80 billion, and deposits increased to $1.53 billion. Gross loans grew to $1.39 billion, led by construction loans. Nonaccrual loans were $2.4 million. The allowance for credit losses was $23.1 million. The bank's liquidity and capital ratios remain strong.
West Coast Community Bancorp (OTCQX: SCZC), parent company of Santa Cruz County Bank, announced significant changes to its Board of Directors. Thomas N. Griffin, a founding director, retired effective September 30, 2024, after over 20 years of service. During his tenure, the bank's assets grew from $13.2 million to $1.8 billion. Wayne Doiguchi, with over 40 years of Bay Area banking experience, has been appointed as a new director.
Key milestones during Griffin's service included the merger with Lighthouse Bank in 2019, expansion into Monterey County and Silicon Valley, and the recent merger with 1st Capital Bancorp. Doiguchi, formerly a director at California Bank of Commerce and CEO of Pan Pacific Bank, brings extensive commercial banking expertise to assist in developing the organization into a premier California banking franchise.
West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp have successfully completed their merger on October 1, 2024. The merged entity will operate under a new brand, West Coast Community Bank, starting in the second quarter of 2025. Kurt J. Gollnick and Daniel R. Hightower, M.D., former leaders of 1st Capital Bancorp, have joined the boards of Bancorp and Bank.
The merger creates one of the largest community banks on the Central Coast, with total assets of approximately $2.8 billion. Each share of 1st Capital Bancorp common stock was converted into 0.36 shares of Bancorp common stock. The combined bank aims to leverage its increased scale and lending capacity to serve larger business relationships while maintaining its community focus.
Systems conversion is expected to complete in mid-December. The merger is anticipated to enhance the bank's ability to invest in advanced technology and products while maintaining exceptional client service standards.
West Coast Community Bancorp (OTCQX: SCZC) and 1st Capital Bancorp (OTCQX: FISB) have received shareholder approval for their merger. The transaction, expected to close on October 1, 2024, has also obtained all necessary regulatory approvals. Based on June 30, 2024 financial results, the combined entity will have approximately $2.8 billion in total assets and banking branches in four Central Coast California counties.
Krista Snelling, President and CEO of West Coast Community Bancorp and Santa Cruz County Bank, expressed excitement about the merger's progress and its potential to enhance technology and services for clients throughout the West Coast. The merger will combine Santa Cruz County Bank's strengths as a top-rated, full-service community bank with 1st Capital Bank's focus on commercial enterprises, professionals, and real estate investors along the Central Coast region of California.
West Coast Community Bancorp (OTCQX: SCZC), parent company of Santa Cruz County Bank, reported $8.2 million in net income for Q2 2024, down from $9.3 million in Q1 2024 and $8.3 million in Q2 2023. Despite a slight dip, the net income for the first half of 2024 was $17.5 million, up 2% year-over-year. Key metrics include a 4.98% net interest margin and a 1.98% return on average assets, with efficiency ratio below 44%.
The company announced a quarterly cash dividend of $0.17 per share, payable on August 12, 2024. Major events include the planned merger with 1st Capital Bancorp expected to close in Q4 2024. The company earned top national rankings, including 50th in American Banker Magazine's Top 100 Community Banks under $2 billion and 12th in ICBA's Top-Performing Banks over $1 billion.
Financial highlights for Q2 2024 include $1.71 billion in total assets, $1.43 billion in deposits, and $1.39 billion in gross loans, an increase of $8.3 million from the prior quarter. The company's liquidity position remains strong with a liquidity ratio of 11.7%.
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