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Montecito Bank & Trust
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Montecito Bank & Trust hires Leis to be COO

By   /  Monday, July 18th, 2016  /  Banking & Finance, Banking Industry, Latest news  /  Comments Off on Montecito Bank & Trust hires Leis to be COO

Updated at 8:10 p.m.: Montecito Bank & Trust, one of the largest privately-owned banks in California, has hired veteran Union Bank executive George Leis to join its executive team. Effective July 19, Leis will become chief operating officer reporting to President and CEO Janet Garufis. He’ll oversee the bank’s lending, retail and business banking activities Read More →

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Bank of the Sierra completes acquisition of Coast National Bank

By   /  Tuesday, July 12th, 2016  /  Banking & Finance, Banking Industry, Latest news  /  Comments Off on Bank of the Sierra completes acquisition of Coast National Bank

Sierra Bancorp, holding company of Bank of the Sierra, has completed its acquisition of Coast Bancorp of San Luis Obispo County. Coast Bancorp shareholders received approximately $13.5 million — $3.3 million in cash and the balance in Sierra Bancorp stock. Coast Bancorp’s wholly-owned subsidiary, Coast National Bank, was merged into Sierra Bancorp’s wholly-owned subsidiary, Bank Read More →

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Citizens Business Bank to pay 107th consecutive quarterly cash dividend

By   /  Friday, June 24th, 2016  /  Banking & Finance, Banking Industry, Latest news  /  Comments Off on Citizens Business Bank to pay 107th consecutive quarterly cash dividend

CVB Financial Corp., the holding company for Citizens Business Bank, announced a 12 cents per share cash dividend for the second quarter of 2016. The dividend will be payable on or about July 21 to shareholders of record as of July 7. “Our board of directors is pleased to pay our 107th consecutive cash dividend to our shareholders,” said President and CEO Christopher Read More →

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Policy normalization must continue

By   /  Friday, June 10th, 2016  /  Banking & Finance, Banking Industry, Latest news, Op/Eds, Opinion  /  Comments Off on Policy normalization must continue

By Dan E. Hamilton Since 2008, the Federal Reserve has been engaged in an unprecedented experiment, one without any economic theory to recommend it. Its policies are internally inconsistent. Some work to restrict credit. Others ease credit. The 2007 failure of New Century Financial, a leading subprime lender, did not derail the economy. However, when Read More →

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Montecito Bank & Trust loans grew but net income down for first quarter

By   /  Thursday, May 5th, 2016  /  Banking & Finance, Banking Industry, Latest news  /  Comments Off on Montecito Bank & Trust loans grew but net income down for first quarter

Montecito Bank & Trust reported total assets of $1.3 billion in an April 27 statement. Loans grew to $722 million for the first quarter of 2016, up 1.5 percent from the previous quarter and 12 percent year-over-year. Net income for the bank was $3.6 million, a decline from first quarter earnings of $3.8 million in Read More →

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U.S. unlikely to experience negative interest rates

By   /  Thursday, May 5th, 2016  /  Banking Industry, Latest news  /  Comments Off on U.S. unlikely to experience negative interest rates

Story updated at 10:30 a.m.: The U.S. is unlikely to experience negative interest rates, Federal Reserve Bank of St. Louis President and CEO James Bullard said at the UC Santa Barbara Economic Summit at the Granada Theater on May 5. He said U.S. labor market strength justifies the Fed’s vision of gradually rising rates and Read More →

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Heritage Oaks Bancorp beats analyst estimates for first quarter

By   /  Thursday, April 28th, 2016  /  Banking & Finance, Banking Industry, Earnings, Latest news, Tri-County Public Companies  /  Comments Off on Heritage Oaks Bancorp beats analyst estimates for first quarter

Paso Robles-based Heritage Oaks Bancorp beat analyst estimates when it reported first quarter earnings April 28. The company said it had revenues of $19 million, beating analyst estimates of $18.75 million. Earnings per share of 12 cents beat analyst estimates of 11 cents per share. The company also reported net income of $4 million. The Read More →

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