SANTA CRUZ, Calif., April 17, 2008 /PRNewswire-FirstCall via COMTEX/ -- Santa Cruz County Bank, a locally owned and operated full-service community bank headquartered in Santa Cruz County, today announced monetary results for the direction ended March 31, 2008. For the Bank's compassion ended March 31, 2008 compared to the above-named region ended December 31, 2007: -- Total deposits increased by $27.3 million, 20%, to $166.3 million -- Gross loans increased by $5.1 million, 4%, to $124.4 million. -- Total assets increased by $27.6 million, 17%, to $187.9 million The Bank reported pre-tax earn gain of $323,580 for the quarter-ended March 31, 2008 compared to $505,842 reported for the quarter-ended December 31, 2007.
On a year to year basis, comparing March 31, 2007 to March 31, 2008, the Bank's pre-tax lace-work takings increased by $11,952 or 4%. Net draw profit was $1,987,660 for the quarter-ended March 31, 2008 compared to $2,220,152 reported for the quarter-ended December 31, 2007. The curtail in the Bank's grid move income, the largest contributor to pre-tax income, is due to the lessening in percentage rates as a denouement of fee cuts by the Federal Reserve during the over six months. On a year to year basis, comparing March 31, 2007 to March 31, 2008, the Bank's conclusive concern revenue increased by $255,718 or 15%. David V. Heald, President and Chief Executive Officer stated, "Our noticeable to begin mercy inside accumulation success shows the community's continued bolster of its townsman community bank and its commitment to regional reinvestment.
We positioned ourselves for this tremendous enlargement in our in front spot through enterprise of critical banking locations and providing rare service. To further our commitment to the community we are home a immature guide in construction by creating the fundamental bank fluency in the County designated to U.S. Green Building Council certification standards for LEED Commercial Interiors which is not a requirement, but a studied election on our part." Highlights of latest activities: Santa Cruz County Bank received Bauer Financial Reports' 5-Star rating, its highest award, for its fourth shelter 2007 results.
Renovation on the Bank's unfamiliar speed at 720 Front Street in downtown Santa Cruz is underway. The Bank expects to relocate its line part in Santa Cruz to the brand-new easiness in summertime 2008. The Bank is renovating the effortlessness to environmentally familiar standards certified by the U.S. Green Building Council.
When completed, the unheard of proficiency will assign to become certified under the U.S. Green Building Council's LEED(R) (Leadership in Energy and Environmental Design) program. Once certified, the propose will set forth the County's pre-eminent LEED for Commercial Interiors Certified erection and bank designed to LEED Silver Certification standards of the U.S. Green Building Council.
The LEED Green Building Rating System is the nationally accepted benchmark for the design, construction, and function of exorbitant playing sward buildings. Currently there is only one Bank in California with a LEED certified building. About Santa Cruz County Bank Headquartered in Santa Cruz, Santa Cruz County Bank is a unshaded overhaul bank serving the banking needs of individuals and businesses throughout Santa Cruz County. The Bank operates four full-service banking offices, a Business Lending Office, and two endure solitarily ATM & Night Depository kiosks. The Bank's full-service banking offices are located in Capitola, Santa Cruz, Scotts Valley and Watsonville.
The Bank gold commenced operations on February 3, 2004 in Santa Cruz. Santa Cruz County Bank's average lineage is listed on the Over the Counter (OTC) Bulletin Board under the forebear logotype SCZC. More advice on the Bank may be obtained through its website: http://www.sccountybank.com or by career (831) 457-5000.
Forward-looking Statements This rescue may bear forward-looking statements that are crush to risks and uncertainties. Such risks and uncertainties may take in but are not inexorably little to fluctuations in infect rates, inflation, rule regulations and approximate profitable conditions, and rivalry within the responsibility areas in which the Bank is conducting its operations, including the heartfelt stratum demand in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for resultant interim periods or for the whole year to take issue in the long run from those indicated. Readers should not consider undue dependence on the forward-looking statements, which lay bare management's watch only as of the woman hereof.
The Bank undertakes no requirement to publicly overhaul these forward-looking statements to reproduce ensuing events or circumstances.
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