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Santa Cruz County Bank (OTCQX: SCZC) is a premier, community-focused financial institution headquartered in Santa Cruz, California. Founded in 2004, the Bank has grown to manage assets worth $1.75 billion as of June 30, 2023. With branches in Aptos, Capitola, Cupertino, Monterey, Salinas, Santa Cruz, Scotts Valley, and Watsonville, the Bank serves clients with a relationship-based approach, offering easy access to decision-makers and specialized problem-solving services.
As a full-service bank, Santa Cruz County Bank provides a comprehensive array of banking services for businesses and individuals. These include competitive deposit and lending solutions such as business loans, commercial real estate financing, construction lending, asset-based lending, agricultural loans, SBA and USDA government-guaranteed loans, and more. Additionally, the Bank offers credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment, and treasury management.
Renowned for its outstanding service, the Bank is a leading SBA lender in Santa Cruz County and Silicon Valley, and a top USDA lender in California. Recently, the Bank reported unaudited earnings for the quarter ended June 30, 2023. Key financial highlights include a net income of $8.3 million, marking a 31% increase compared to the same quarter in the previous year.
President and CEO Krista Snelling stated, "For the second quarter, the Bank's gross loans (excluding PPP) once again set a quarterly record. Our return on average assets of 1.94% and net interest margin of 4.93% remain strong, despite market interest rate pressure which drove the Bank's cost of funds higher by 40 basis points during the second quarter to 78 basis points. We remain focused on balancing profitability with credit quality and enterprise risk management while providing an exceptional and efficient client experience."
The liquidity position of the Bank remains robust, with on-balance sheet liquidity totaling $267.4 million and an available borrowing capacity of $381.2 million. The Bank has a diversified investment portfolio containing U.S. Treasury bonds, securities issued by U.S. Government-sponsored agencies, and SBA loans, which reduce credit or liquidity risks. Shareholders’ equity increased to $208.2 million, driven by strong earnings and strategic stock repurchases.
Santa Cruz County Bank has received multiple accolades, including being listed in American Banker Magazine’s Top 200 Community Banks & Thrifts in the U.S. based on a 3-year return on average equity. The Bank continues to participate actively in regional well-being by supporting local not-for-profit organizations.
Santa Cruz County Bank (OTCQX: SCZC) announced the appointment of Susan Just as Executive Vice President and Chief Credit Officer. Ms. Just brings over 30 years of experience in lending and credit risk management, having held senior roles at major banks, managing loan portfolios up to $8.5 billion. Her background includes expertise in regulatory compliance and credit risk, essential for the bank's growth. CEO Krista Snelling emphasized the value of her experience in navigating complex loan portfolios. The bank continues to be a leader in community banking and SBA lending.
Santa Cruz County Bank (OTCQX: SCZC) announced a 25% increase in its quarterly cash dividend, raising it from $0.10 to $0.125 per share. This dividend will be payable on July 6, 2021 to shareholders on record by June 25, 2021. For the quarter ending March 31, 2021, the bank reported a net income of $5.8 million, reflecting a 32% increase year-over-year. The bank's return on average equity stood at 13.66%, and shareholders' equity rose to $173.5 million, an increase of $18.6 million compared to the previous year.
Santa Cruz County Bank (OTCQX: SCZC), with assets over $1.5 billion, ranked 29th among the Top 200 Community Banks in the U.S., as reported in American Banker Magazine's May 2021 issue. This ranking is based on a 3-year average return on equity of 14.61% for the years ending December 31, 2020, outperforming the median of 11.39% for the top 200 banks. The bank also secured 4th place in California. President Krista Snelling attributed the success to strategic focus and high performance, emphasizing their commitment to exceptional credit quality.
Santa Cruz County Bank (OTC: SCZC) has promoted Jon Sisk to Regional President/Chief Banking Officer. With over $1.5 billion in assets, the bank aims to enhance its business development strategy under Sisk's leadership, targeting growth in lending and deposits. Sisk, who has over 25 years of community banking experience and played a key role in the bank's growth into Silicon Valley, will focus on expanding the bank's reach. The bank is recognized for its relationship-based service and is a leading SBA lender in the region.
Santa Cruz County Bank (OTC: SCZC), boasting over $1.5 billion in assets, has announced the acquisition of a building in Salinas, California, to establish its ninth full-service branch in 2022. The location, built in the 1970s, will undergo a remodel to create a modern banking facility, contributing to the city's Downtown Salinas Vibrancy Plan. CEO William J. Hansen highlighted that this move supports their strategic expansion into the Monterey County market.
Santa Cruz County Bank (OTC: SCZC) reports record unaudited earnings for Q1 2021, with net income rising 32% to $5.8 million compared to Q1 2020. Assets grew by 45% year-over-year to $1.55 billion, driven by significant loan origination through the PPP program. Deposits reached $1.36 billion, up 51% from the previous year. The bank maintained strong credit quality, with only one loan on nonaccrual. The efficiency ratio improved to 45.60%. However, net interest margin decreased to 4.10%, down from 4.51% in the previous year. The bank continues to support local businesses while expanding its operations.
Santa Cruz County Bank (OTC: SCZC) announced the retirement of founding Director Tila Banuelos and founding Chairman George Gallucci, effective May 26, 2021. Both have been pivotal in the bank's growth since its inception in 2004.
Chairman William J. Hansen expressed gratitude for their contributions. Banuelos has a robust background in banking, while Gallucci has extensive experience in investment advising. The bank, with assets over $1.4 billion, emphasizes community service and ranks highly among California community banks.
Santa Cruz County Bank (OTC: SCZC), with assets over $1.4 billion, announces an expansion of its SBA Lending Department by hiring three business development officers, two processors, and an underwriter. This expansion reflects the bank's commitment to support small businesses, especially during challenging times. The bank has a robust reputation for assisting borrowers via Paycheck Protection Program loans and other resources. The new hires bring extensive experience in small business lending across various regions, which is expected to enhance the bank's service delivery.
Santa Cruz County Bank (OTC Pink: SCZC) reported a 33% increase in its quarterly dividend, raising it from $.075 to $.10 per share, payable on April 5, 2021. The bank achieved a record net income of $17.5 million for 2020, a 43% increase from the previous year. The return on average equity stood at 10.92%, and shareholders' equity rose to $168.5 million. This strong financial performance supports the bank's growth plans while rewarding shareholders.
Santa Cruz County Bank (OTC Pink: SCZC), with assets nearing $1.4 billion, has declared a quarterly cash dividend of $0.075 per share, payable on October 12, 2020, to shareholders recorded by September 30, 2020. For the quarter ending June 30, 2020, the bank reported $3.8 million in net income, marking a 16% increase year-over-year. The return on average equity was 9.65%, and shareholders' equity rose by $84.9 million compared to the previous year.
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