Santa Barbara-based American Riviera Bank expanded its residential lending department into new office space at 18 E. Figueroa St. in downtown Santa Barbara, President and CEO Jeff DeVine announced on June 13.
The space was formerly home to the Bank of Santa Barbara, which was acquired in January by American Riviera in an all-stock deal valued at close to $18 million.
The merger created a three-branch community bank with more than $400 million in assets. It nearly doubled American Riviera’s assets and increased its footprint with the Bank of Santa Barbara’s Goleta location. It also vastly increased lending capacity and allowed the institutions to spread regulatory costs over a wider asset base.
Excluding merger costs, net income was up 18 percent to $3.022 million in 2015, up from $2.569 million the previous year.
Lori Murray, vice president and residential lending manger, will occupy the new office along with Residential Lending Officer Crystal Quintero, Residential Lending Underwriter Barbara Zirretta and Residential Lending Processor Nancy Enholm.
American Riviera has approximately $425 million in assets and more than 60 employees. It features full-service mortgage and SBA lending departments.
The bank is headquartered at 1033 Anacapa St. in Santa Barbara and has branches at 525 San Ysidro Road in Montecito and at 5880 Calle Real in Goleta.
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