On Jan. 20, Ventura-based County Commerce Bank released its year-end financial statement, which showed substantial growth in 2009. The bank’s net income was roughly $1 million for 2009, up from $901,000 in 2008. Capital increased 8.49 percent to $13.2 million in 2009 from $12.2 in 2008.
During the 12-month period ending Dec. 31, 2009, assets climbed $34.1 million, reaching $160.1 million by year end for a 27.1 percent increase. The bank extended an additional $13.6 million in loans to local individuals and businesses during the same period, growing the bank’s portfolio by 16.4 percent to $96.6 million at year end.
In the report, bank president and chief executive Joe Kreutz said the bank finished the year with a respectable profit and a strong balance sheet.
“We have no bad loans, no nonperforming assets or even reportable 30-day delinquencies Kreutz said in a release. “I am grateful that the bank is so well-positioned, with a high-quality loan portfolio, loyal shareholders, a customer base of strong relationships and an incredibly talented and dedicated staff.”
County Commerce Bank was recognized by BauerFinancial with its Five-Star “Superior” rating for the 18th consecutive quarter and received Premier Performing Bank for 2008 by Findley Reports, Western Regional Winner of the Small Business of the Year Award in 2006 by the U.S. Chamber of Commerce and Mid-Sized Business of the Year 2006 by the Ventura Chamber of Commerce.