Santa Cruz County Bank Announces 2-for-1 Stock Split

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Santa Cruz County Bank (OTCQX: SCZC), headquartered in Santa Cruz, California, announced a 2-for-1 stock split on March 14, 2022, for shareholders of record as of March 3, 2022. This marks the bank's first stock split, increasing outstanding shares from approximately 4.25 million to over 8.5 million. Chairman William J. Hansen stated the split aims to enhance market liquidity. The bank reported a 21% rise in net income for 2021, reaching $21.3 million, compared to $17.6 million in 2020.

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• Net income increased by 21% in 2021, reaching $21.3 million.
• First stock split in the bank's history, expected to improve market liquidity.

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• None.

SANTA CRUZ, Calif., Feb. 16, 2022 /PRNewswire/ -- Santa Cruz County Bank (OTCQX: SCZC), with assets of $1.70 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the bank announced its Board of Directors declared a 2-for-1 stock split payable on March 14, 2022 to shareholders of record as of the close of business on March 3, 2022.

Chairman William J. Hansen stated, "We are pleased to announce a 2-for-1 stock split of the Bank's common shares. This is the first stock split announced in the history of the Bank. The announced stock split will increase the outstanding shares from approximately 4.25 million shares to over 8.5 million shares. The Board of Directors believe doubling the number of outstanding shares will improve the market liquidity of our stock. The Board remains committed to increasing shareholder value through exceptional financial performance."

The bank reported record performance for the twelve months ended December 31, 2021. Net income for the twelve months ended December 31, 2021 was $21.3 million compared to $17.6 million, a 21% increase, over the prior year.

ABOUT SANTA CRUZ COUNTY BANK
Santa Cruz County Bank was founded in 2004. It is a top-rated, locally-owned and operated, full-service community bank headquartered in Santa Cruz, California. The bank has branches in Aptos, Capitola, Cupertino, Monterey, Santa Cruz, Scotts Valley and Watsonville. Santa Cruz County Bank is distinguished from "big banks" by its relationship-based service, problem-solving focus and direct access to decision makers. The bank is a leading SBA lender in Santa Cruz County and Silicon Valley and a top USDA lender in the state of California. As a full-service bank, Santa Cruz County Bank offers competitive deposit and lending solutions for businesses and individuals; including business loans, lines of credit, commercial real estate financing, construction lending, agricultural loans, SBA and USDA government guaranteed loans, credit cards, merchant services, remote deposit capture, mobile and online banking, bill payment and treasury management. True to its community roots, Santa Cruz County Bank has supported regional well-being by actively participating in and donating to local not-for-profit organizations.

Santa Cruz County Bank stock is publicly traded on the OTCQX US Premier marketplace under the symbol SCZC. Stock purchase orders may be placed online, through a brokerage firm, or through Market Makers listed in the Investor Relations section of the bank's website. For more information about Santa Cruz County Bank, visit www.sccountybank.com.

NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS

• S&P Global Top 100 Community Banks: The Bank has ranked in the Top 100 Community Banks in the nation for performance for banks under $3 billion in assets for 5 consecutive years. 
• Financial Management Consulting (FMC) Group: The Bank has ranked in FMC's top ten banks in California for the past 6 years. 
• The Findley Reports, Inc.: The Bank has received the top ranking of Super Premier by Findley for 11 consecutive years.
• Bauer Financial Reports, Inc.: The Bank is rated 5-star "Superior" based upon its financial performance.
• Good Times, 2021 Best of Santa Cruz County Award, Voted "Best Bank" for 9 consecutive years.
• Santa Cruz Sentinel, 2020 Reader's Choice Award, number one bank in Santa Cruz County as voted by Santa Cruz Sentinel readers.
• Santa Cruz Waves Magazine, 2020 Swellies Awards, Voted "Favorite Bank" in Santa Cruz County.  
• Second Harvest Food Bank, Platinum Level Award for the 2020 Holiday Food & Fund Drive.

This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank is conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

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SOURCE Santa Cruz County Bank

FAQ

When is the stock split for SCZC effective?

The stock split for Santa Cruz County Bank (SCZC) is effective on March 14, 2022.

What is the reason behind the stock split of SCZC?

The stock split aims to improve market liquidity by increasing the number of outstanding shares.

What was the net income of Santa Cruz County Bank for 2021?

Santa Cruz County Bank reported a net income of $21.3 million for the year 2021, a 21% increase from the previous year.

What is the stock symbol for Santa Cruz County Bank?

The stock symbol for Santa Cruz County Bank is SCZC.