Fiscal reform needed as pension time bomb ticks away
America’s summer of fiscal discontent is coming to a close on a downbeat note. The California legislature is preparing to wind up its session having stirred up a lot of controversy but done almost nothing to address the state’s ongoing pension crisis. The burgeoning shortfall now adds up to $139 billion in the CalPERS fund Read More →
Read More →Net income down but Montecitio Bank & Trust’s loans and deposits grow
Santa Barbara-based Montecito Bank & Trust reported net income of $7.2 million in the second quarter, down $800,000 from the same period last year. The bank reported 13.6 percent year-over-year loan growth, ending the quarter at $752 million. Total deposit growth was up 3.3 percent from the second quarter of 2015 while total assets grew Read More →
Read More →Parent of Ojai Community Bank raises funds
OCB Bancorp, parent company of Ojai Community Bank, raised additional funds by issuing $3 million of subordinated notes to facilitate future growth. “During this extended period of low rates, many corporations have found it advantageous to issue corporate bonds instead of common stock to assist capital growth,” President and CEO Dave Brubaker said in a Read More →
Read More →OCB Bancorp’s second quarter net income up over last year
In its second quarter earnings report, OCB Bancorp — parent company of Ojai Community Bank, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank — reported net income year-to-date of $516,000, or 25 cents per share, up from $372,000 last year. “Loans also continue to grow, increasing approximately $49 million since June Read More →
Read More →Heritage Oaks Bank beats second quarter projections
Paso Robles-based Heritage Oaks Bank surpassed analyst estimates on both earnings per share and revenue in its second quarter earnings. The bank reported net income of $4.2 million, or 12 cents per diluted share, for the second quarter of 2016 compared to $3.7 million, or 11 cents per share, in the second quarter of 2015. Read More →
Read More →Community West Bancshares second quarter income up over last year
Community West Bancshares, the parent company of Goleta-based Community West Bank, reported net income of $1.1 million in the second quarter of 2016, up from a net loss of $2.3 million in the second quarter of 2015. “Our momentum during the first half of the year has been fueled by robust loan and deposit growth, Read More →
Read More →Dubroff: Montecito Bank & Trust beefs up management team with Leis
Montecito Bank & Trust wrote the latest chapter in the saga of regional banking when it announced late July 18 that it was adding Union Bank’s veteran leader George Leis to its executive team. Leis, who chairs the CSU Channel Islands Foundation board, becomes chief operating officer reporting to President and CEO Janet Garufis. His Read More →
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