Montecito Bank & Trust net income down but loan, deposit growth strong
Santa Barbara-based Montecito Bank & Trust reported $10.9 million of net income in the third quarter, down from $12.2 million over the same period last year, but had strong loan and deposit growth. In 2016, MB&T discontinued reversals of excess loan loss reserves to support loan growth, which is reflected in the reduced year-to-date net Read More →
OCB Bancorp loan portfolio hits $200 million mark
OCB Bancorp — parent company of Ojai Community Bank, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank — has eclipsed a $200 million loan portfolio, the company recently announced. As its loan portfolio has grown at around 30 percent to 35 percent annually over the past several years, OCB Bancorp now has Read More →
Tri-county community banks ready to be heard on financial policy
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CoastHills Credit Union opens branch in Thousand Oaks
Lompoc-based CoastHills Credit Union recently opened its first Ventura County branch at 125 N. Moorpark Road in Thousand Oaks. The 5,000-square-foot “branch of the future” features a virtual banking experience as well as a tech bar that offers tutorials for CoastHill’s digital products. CoastHills completed a renovation of the space that was formerly home to Read More →
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 →
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 →
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 →
