Santa Cruz County Bank Announces Purchase of Building in Salinas, Future Branch Location

Rhea-AI Summary

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.

Positive

• Acquisition of a building for a new branch in Salinas supports growth strategy.
• Remodeling of the Salinas branch aligns with the city's Downtown Salinas Vibrancy Plan.

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• None.

SANTA CRUZ, Calif., April 28, 2021 /PRNewswire/ -- Santa Cruz County Bank (OTC: SCZC), with assets over $1.5 billion, is a top-rated community bank headquartered in Santa Cruz County. Today the Bank announced the purchase of a building in Salinas and its plan to further expand into Monterey County by opening a full-service branch in Salinas, California in 2022.

Located at 480 & 482 South Main Street, the future home of Santa Cruz County Bank's ninth full-service branch was built in the early 1970's. Currently occupied by Central Coast College, the building will undergo a complete remodel in early 2022 to provide a full-service banking office with space for additional staffing, ample parking and ATM/Night Depository. The improvements will contribute to the City's Downtown Salinas Vibrancy Plan, which includes converting Main Street into a two-way street.

Santa Cruz County Bank Board Chairman William J. Hansen commented, "We continue to expand to meet our customers where they are, both digitally and geographically. Our Salinas branch project advances the Bank's strategic plan to expand into the Salinas/Monterey region. The opening of our eighth full-service banking office in downtown Monterey in January launched our strategic expansion into Monterey County. We look forward to opening the Salinas branch in 2022 to continue to serve our long-established business relationships, while attracting new business in the Salinas Valley and contiguous market areas."

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 eight branches–Aptos, Capitola, Cupertino, Monterey, Santa Cruz (2), 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 OTC 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.

SANTA CRUZ COUNTY BANK'S SBA LENDING RANKINGS FOR THE 2020 FISCAL YEAR

SBA Rank Silicon Valley – Ranked 11^th by number of loans
SBA Rank SF District – Ranked 10^th by dollar amount

NATIONAL, STATE, AND LOCAL RATINGS AND AWARDS
S&P Global: Ranked in the Top 100 Community Banks in the nation for performance for banks under $3 billion in assets.
The Findley Reports, Inc.: Super Premier Performing Bank, top rating by Findley for 11 consecutive years.
Financial Management Consulting: Ranked in FMC's top 10 banks in California for the past 6 years.
Good Times Best of Santa Cruz County Reader's Poll: Voted "Best Bank" in Santa Cruz County, 9 consecutive years. 
Santa Cruz Sentinel Readers' Choice:  Voted #1 Best Bank in Santa Cruz County, 6^th year.  

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SOURCE Santa Cruz County Bank

FAQ

What is the significance of Santa Cruz County Bank's purchase of a building in Salinas?

The purchase is significant as it allows Santa Cruz County Bank to expand its services into Monterey County with a new branch planned for 2022.

When will the new Salinas branch of SCZC open?

The Salinas branch is expected to open in 2022 following a complete remodel of the purchased building.

How does the new Salinas branch fit into SCZC's overall expansion strategy?

The new branch in Salinas is part of SCZC's strategic plan to enhance their geographic reach and serve more customers in the Monterey region.