Dubroff: Montecito Bank & Trust beefs up management team with Leis
Montecito Bank & Trust wrote the latest chapter in the saga of regional banking when it announced late July 18 that it was adding Union Bank’s veteran leader George Leis to its executive team. Leis, who chairs the CSU Channel Islands Foundation board, becomes chief operating officer reporting to President and CEO Janet Garufis. His Read More →
Citizens Business Bank second quarter net income down from 2015
CVB Financial Corp. and its subsidiary Citizens Business Bank reported $25.5 million net income for the second quarter of 2016, or 23 cents per share. That was down from $26.8 million for the second quarter of 2015, or 25 cents per share. Citizens Business Bank completed the integration of County Commerce Bank in the second Read More →
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 →
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 →
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 →
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 →
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 →
