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Santa Cruz County Bank (SCZC.OB) Announces Record First Quarter Earnings

Santa Cruz County Bank yesterday announced earnings for the first quarter of 2010. They also announced that the Bank’s Small Business Administration (SBA) and Business and Industry (B&I) Department ranked 13th in the Nation during the quarter. This is for providing $18.6 million in Business and Industry loans to small businesses during the USDA’s fiscal year ended 2009. Additionally during the quarter, Santa Cruz County Bank celebrated the one-year anniversary of their Aptos banking office in February. This location grew to nearly $10 million in deposits since their opening.

Highlights for the quarter ended March 31, 2010 include Santa Cruz County Bank reporting net income of $267,980. This represents an increase of $196,733 over the $71,247 reported for the quarter ended December 31, 2009 and an increase of $245,471 over the quarter ended March 31, 2009.

Total assets increased $30.3 million to $266.7 million at March 31, 2010, compared to $236.4 million at March 31, 2009. Gross loans increased $15.0 million, or 11 percent, to $154.9 million over the same period for the previous year. Total deposits increased $28.7 million, or 13 percent, from March 31, 2009 to March 31, 2010 with non-interest bearing deposits increasing 20 percent.

In addition, net interest income increased by $439,567 for the quarter ended March 31, 2010 compared to the same period for 2009. For the quarter ended March 31, 2010 compared to the quarter ended December 31, 2009, net interest income increased by $78,088. Interest expense declined from $466,018 in the quarter ended March 31, 2009 to $299,831 in the comparable quarter in 2010. The Bank’s non-interest income increased $142,058 during the quarter ended March 31, 2010 compared to the prior year.

President and Chief Executive Officer, David Heald stated, “We are pleased to report a record first quarter for 2010 and the ongoing accomplishments of our SBA Department. As always, we remain focused on building value for our shareholders.”

Santa Cruz County Bank is a full service bank headquartered in Santa Cruz, California. Beginning their operations on February 3, 2004, in Santa Cruz, they operate five full-service banking offices and two self-serve banking centers. Their banking offices are in Aptos, Capitola, Santa Cruz, Scotts Valley, and Watsonville, in Santa Cruz County, California.

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